Recording Partner's Original Investment Nemecia Marcello and Lee Castro decide to form a partnership by combining the assets of their separate businesses. Marcello contributes the following assets to the partnership: cash, $30,000; accounts receivable with a face amount of $220,000 and an allowance for doubtful accounts of $18,000; inventory with a cost of $300,000; and equipment with a cost of $450,000 and accumulated depreciation of $360,000. The partners agree that $10,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $15,000 is a reasonable allowance for the uncollectibility of the remaining accounts, that the inventory is to be recorded at the current market price of $275,000, and that the equipment is to be valued at $100,000. Journalize the partnership's entry to record Marcello's investment. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable Inventory Equipment Allowance for Doubtful Accounts Nemecia Marcello, Capital Feedback Check My Work Record the assets at their current values, and record the allowance account at its current value. Marcello's Capital account will be the balancing item for the entry. Check My Work Previous Next

Recording Partner's Orfoinal Investment Nenecia Marcello and Lee Castro decide to form a partnership by combining the assets of their separate businesses. Marcelio contributes the following assets to the partnership: cash, $30,000; accounts receivable with a face amount of 5220,000 and an allowance for doubtul accounts of $18,000; inventory with a cost of $300,000; and equipment with a cost of $450,000 and accumulated deoreciation of $360,000. The partners agree that $10,000 of the accounts receivable are completely worthiess and are not to be accepted by the partnership, that $15,000 is a reasonable allowance for the uncollectibility of the remaining accounts, that the inventory is to be recorded at the current market price of $275,000, and that the equipment is to be valued at $100,000. Journalize the partnership's entry to record Marcello's investment. If an amount box does not require an entry, ieave it blanik. Phecord the assets at their current values, and recort the allowance account at its cutrent valoe. Marcello s capital account will be the batanding item for the entry