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Paul is investing in a partnership with Deidre. Paul contributes as part of his initial investment, Accounts Receivable of $60700; an Allowance for Doubtful Accounts
Paul is investing in a partnership with Deidre. Paul contributes as part of his initial investment, Accounts Receivable of $60700; an Allowance for Doubtful Accounts of $9400; and $5200 cash. The entry that the partnership makes to record Paul's initial contribution includes a debit to Allowance for Doubtful Accounts for $9400. O debit to Accounts Receivable for $51300. credit to Paul, Capital for $56500. credit to Paul, Capital for $65900.
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