Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve this accounting problem! 6 Recording Partner's Original Investment Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of

please solve this accounting problem!
6 image text in transcribed
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, $19,830; accounts receivable with a face amount of $208,220 and an allowance for doubtful accounts of $7,510; merchandise inventory with a cost of $89,210; and equipment with a cost of $148,530 and accumulated depreciation of $96,540. The partners agree that $9,160 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $15,620 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 $83,860, and that the equipment is to be valued at $65,510. Journatize the partnership's entry to record Kaiser's investment. If an amount box does not require an entry, leave it blank

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Managerial Accounting Hc 2002 Text Only

Authors: Folk

1st Edition

0071123350, 978-0071123358

More Books

Students also viewed these Accounting questions