Kimberly payne and arionna maples decide to form a partnership by combining the assets of their separate businesses. payne contributes the following assets to the partnership: cash, $22,990; accounts receivable with a face amount of $159,400 and an allowance for doubtful accounts of $3,950; merchandise inventory with a cost of $83,280; and equipment with a cost of $123,390 and accumulated depreciation of $41,930.the partners agree that $5,790 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $5,120 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 $97,030, and that the equipment is to be valued at $81,690.on december 1, journalize the partnership’s entry to record payne’s investment. refer to the chart of accounts for exact wording of account titles.
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Kimberly payne and arionna maples decide to form a partnership by combining the assets of their sepa...
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