Recording Partner's Original Investment

Hannah Freeman and and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship:

Hannah Freeman Proprietorship
Balance Sheet
June 1, 20Y3
Cash			$42,700
Accounts receivable	$80,300
Less: Allowance for doubtful accounts	4,700		75,600
Land			192,000
Equipment	$75,000
Less: Accumulated depreciation-equipment	46,100		28,900
Total assets			$339,200
Accounts payable			$23,900
Notes payable			69,300
Hannah Freeman, capital			246,000
Total liabilities and owner's equity			$339,200

Freeman obtained appraised values for the land and equipment as follows:

Land	$267,000
Equipment	22,500

An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $6,900.

Journalize the partnership's entry for Freemans investment. For a compound transaction, if an amount box does not require an entry, leave it blank.

	Cash
	Accounts Receivable
	Land
	Equipment
	Allowance for Doubtful Accounts
	Accounts Payable
	Notes Payable
	Hannah Freeman, Capital