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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
Kimble obtained appraised values for the land and equipment as follows:
$284,000
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.
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