lime &takeAssignmentSessionl.ocator-assignn; Instructions Chart of Accounts Gene

Question

lime &takeAssignmentSessionl.ocator-assignn; Instructions Chart of Accounts General Journal Instructions Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $46,000 and equipment with a cost of $185,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be valued at $88,000, that $3,200 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1.200 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows merchandise inventory of $56,500. The partners agree that the merchandise inventory is to be valued at $6 Required Journalize the entries to record in the partnership accounts (o) Barton's investment and (b) Fallows's investment. Refer to the Chart of Accounts for exact wording of account titles

Explanation / Answer

Note: Please confirm the exact wording of account titles per the chart of accounts since the same is not provided with the question.

Transaction General Journal Debit Credit (a) Accounts receivable ($46000 - $3200) 42800 Equipment 88000 Allowance for doubtful accounts 1200 Barton, Capital 129600 (To record capital brought in by Barton) (b) Cash 28600 Merchandise inventory 61000 Fallows, Capital 89600 (To record capital brought in by Fallows)

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