Sarah Punter operates a sole proprietorship iabilities to a partnership that wil

Question

Sarah Punter operates a sole proprietorship iabilities to a partnership that will operate The Golf Shop. Punter will own a two-thirds interest in the capital of the partnership. The agreed-upon values of assets and liabilities to be transferred follow s that sells golf equipment In 2019, Punter agrees to transfer her assets and Total accounts receivable of $113,000 will be transferred and approximately $3,300 of these accounts may be uncollectible 89,880 31,00e $ 16,80e Accounts payable Record the receipt of the assets and liabilities by the partnership in the general journal. Journal entry worksheet Record the investment of Punter. , Next >

Explanation / Answer

Journal entry for investment Date Accounts title and explanation Debit $ Credit $ 2019 Accounts receivable Dr. 113000 Merchandise inventory Dr. 89000 Furniture and fixtures Dr. 31000       Allowance for Uncollectible Accounts 3300       Accounts payable 16800       Punter Capital account 212900

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