Business, 11.01.2020 05:31 nessuhbae6722

Joumalizing partner's original investmentholly renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. the patent had a book value of$8,000. however, the technology covered by the patent appeared to have signiﬁcant market potential thus, the patentwas appraised at $92,000. the accounts receivable control account was $45,000, with an allowance for doubtful accountsof $3,000. the partnership also assumed a $14,000 account payable owed to a renfro supplier. provide the journal entry for renfro’s contribution to the partnership.

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Joumalizing partner's original investmentholly renfro contributed a patent, accounts receivable, and...

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