Question
please help. accounting. Recording Partner's Original Investment Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses.
please help. accounting.
Recording Partner's Original Investment Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses. Kaiser contributes the following assets to the partnership: cash, $18,S90; accounts receivable with a face amount of $195,200 and an allowance for doubtful accounts of $7,040; merchandise inventory With a cost of $90,150; and equipment with a cost of $152,480 and accumulated depreciation of $99,110, The partners agree that $8,590 of ithe accounts receivable are completely worthless and are not to be accepted by the partnership, that $14,640 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory Is to be recorded at the current market price of $84,740, and that the equipment is to be valued at $67,250. Journalize the partnership's entry to record Kaiser's investment. If an amount box does not require an entry, leave it blank.
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