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, $$15,530$; accounts receivable with a face amount of $$163,070$ and an allowance for doubtful accounts of $$5,890$; inventory with a cost of $$93,720$; and equipment with a cost of $$140,840$ and accumulated depreciation of $$91,550.$

The partners agree that $$7,180$ of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $$12,230$ is a reasonable allowance for the uncollectibility of the remaining accounts, that the inventory is to be recorded at the current market price of $$88,100,$ and that the equipment is to be valued at $$62,110.$

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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