Business, 26.10.2021 01:00 jbuchjr13

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....