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, $22,420; accounts receivable with a face amount of $148,390 and an allowance for doubtful accounts of $4,620; merchandise inventory with a cost of $84,200; and equipment with a cost of $146,270 and accumulated depreciation of $45,790.

The partners agree that $5,580 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,260 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 $108,260, and that the equipment is to be valued at $86,600.

Vanessa Kaiser and Mariah Newman decide to form a partnershin by combining the assets of their separate businesses. Kaiser contributes the following assets to the partnership: cash, $22,420; accounts recelvable with a face amount of $148,390 and an allowance for doubtful accounts of $4,620; merchandise inventory with a cost of S84,200; and equipment with a cost of $146.270 and accumulated depreciation of $45,790. The partners agree that $5,580 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,260 is a reasonable allowance tor the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of s108.260, and that the equipment is to be valued at $86.,000. Required: On December 1, joumalize the partnorship's entry to record Kaiser's investment. Refer fo the chart of accounts for the exact wording of the account tides. CNOW joumals do not use lines for joumal explanations. Every line on a joumal page is used for deblt or credit entries. CNOW journais will automatically indent a credit entry when a credit amount is entered