Reference no: EM133024847
Question - 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, 20Y3
Cash $40,250
Accounts receivable $75,700
Less: Allowance for doubtful accounts 4,400 71,300
Land 181,000
Equipment $70,000
Less: Accumulated depreciation-equipment 43,500 26,500
Total assets $319,050
Accounts payable $22,500
Notes payable 64,750
Hannah Freeman, capital 231,800
Total liabilities and owner's equity $319,050
Freeman obtained appraised values for the land and equipment as follows:
Land $252,000
Equipment 20,700
An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $6,400.
Journalize the partnership's entry for Freeman's investment. If an amount box does not require an entry, leave it blank.
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