Journalize the partnerships entry for kimbles investment

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Record partner's original investment

Jessica Kimble and Carlos Segura form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Kimble, sole proprietorship:

Cash


$50,000

Accounts receivable

$100,000


Less: Allowance for doubtful accounts

5,900

94,100

Land


180,000

Equipment

$70,000


Less: Accumulated depreciation-equipment

43,000

27,000

Total assets


$351,100

Accounts payable


$22,500

Notes payable


80,000

Jessica Kimble, capital


248,600

Total liabilities and owner's equity


$351,100

Kimble obtained appraised values for the land and equipment as follows:

Land

$284,000

Equipment

19,000

An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $7,000.

Journalize the partnership's entry for Kimble's investment.

Reference no: EM13534174

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