Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship:
Hannah Freeman Proprietorship, Balance Sheet, June 1, 2003
Cash $65.000
Accounts receivable $125.000
Less: Allowance for doubtful accounts 7.200 117.800
Land 215.000
Equipment $78.000
Less: Accumulated deprecitation-equipment 41.000 37.000
Total assets $434.800
Accounts payable $24.800
Notes payable 76.000
Hannah Freeman, capital 334.000
Total liabilities and owner's equity $434.800
Freeman obtained appraised values for the land and equipment as follows:
Land $320,000
Equipment 34,800
Required:
An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $9,500. Journalize the partnership's entry for Freeman's investment.
Answers: 1
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Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses....
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