Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Jul 2017 My Price 4.00

Gwen Delk and Alliesha Johnson

Gwen Delk and Alliesha Johnson decide to form a partnership by combining the assets of their separate businesses. Delk contributes the following assets to the partnership:
Cash, $13,000; accounts receivable with a face amount of $136,000 and an allowance for doubtful accounts of $8,400; merchandise inventory with a cost of $90,000; and equipment with a cost of $155,000 and accumulated depreciation of $100,000.
The partners agree that $6,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $10,200 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 $84,700, and that the equipment is to be valued at $69,500.
Journalize the partnership’s entry to record Delk’s investment.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jul 2017 07:07 AM My Price 4.00

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