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, $20,240; accounts receivable with a face amount of $212,520 and an allowance for doubtful accounts of $7,670; merchandise inventory with a cost of $80,500; and equipment with a cost of $160,130 and accumulated depreciation of $104,080.

The partners agree that $9,350 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $15,940 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 $75,670, and that the equipment is to be valued at $70,620.

Journalize the partnerships entry to record Kaisers investment. If an amount box does not require an entry, leave it blank.

blankAccounts PayableAllowance for Doubtful AccountsCashVanessa Kaiser, CapitalVanessa Kaiser, Drawing- Select -- Select - Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsCost of Merchandise SoldVanessa Kaiser, Capital- Select -- Select - Accounts PayableAllowance for Doubtful AccountsMerchandise InventoryVanessa Kaiser, CapitalVanessa Kaiser, Drawing- Select -- Select - Accounts PayableAccumulated DepreciationAllowance for Doubtful AccountsEquipmentMariah Newman, Capital- Select -- Select - Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsCashMerchandise Inventory- Select -- Select - Accounts ReceivableCashEquipmentMerchandise InventoryVanessa Kaiser, Capital- Select -- Select