on july 1 2016, Tom made an original contribution of a vehicle, accounts receivable, and $45,000 cash to a partnership. The vehicle had a bluebook value of $14,000 in a market value of $12,450. The receivables had a balance of $8500 with an associated allowance of $700, which the partners agree is a fair valuation. The partnership also assumed accounts payable in the amount of $1000 from Tom.

provide the journal entry for Jacob's contribution to the partnership

1. On July 1, 20x6, Tom made an original contribution of a vehicle, accounts receivable, and $45,000 cash to a partnership. The vehicle had a book value of $14,000 and a market value of $12,450. The receivables had a balance of $8,500 with an associated allowance of $700, which the partners agree is a fair valuation. The partnership also assumed accounts payable in the amount of $1,000 from TOM Provide the journal entry for Jacobs contribution to the partnership: (7 points) Credit Debit Description Date