Hannah Freeman and 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 $34,850 Accounts receivable $65,500 Less: Allowance for doubtful accounts 3,800 61,700 Land 157,000 Equipment $61,000 Less: Accumulated depreciation-equipment 37,600 23,400 Total assets $276,950 Accounts payable $19,500 Notes payable 56,750 Hannah Freeman, capital 200,700 Total liabilities and owner's equity $276,950 Freeman obtained appraised values for the land and equipment as follows: Land $218,000 Equipment 18,300 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,500. Journalize the partnership's entry for Freeman’s investment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Hannah Freeman and 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 $34,850 Accounts receivable $65,500 Less: Allowance for doubtful accounts 3,800 61,700 Land 157,000 Equipment $61,000 Less: Accumulated depreciation-equipment 37,600 23,400 Total assets $276,950 Accounts payable $19,500 Notes payable 56,750 Hannah Freeman, capital 200,700 Total liabilities and owner's equity $276,950 Freeman obtained appraised values for the land and equipment as follows: Land $218,000 Equipment 18,300 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,500. Journalize the partnership's entry for Freeman’s investment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 12.1BPR
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Question
Chapter 12 Q 7
Recording Partner's Original Investment
Hannah Freeman and 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 | $34,850 | ||
| $65,500 | |||
| Less: Allowance for doubtful accounts | 3,800 | 61,700 | |
| Land | 157,000 | ||
| Equipment | $61,000 | ||
| Less: Accumulated |
37,600 | 23,400 | |
| Total assets | $276,950 | ||
| Accounts payable | $19,500 | ||
| Notes payable | 56,750 | ||
| Hannah Freeman, capital | 200,700 | ||
| Total liabilities and owner's equity | $276,950 |
Freeman obtained appraised values for the land and equipment as follows:
| Land | $218,000 |
| Equipment | 18,300 |
An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,500.
Journalize the partnership's entry for Freeman’s investment. For a compound transaction, if an amount box does not require an entry, leave it blank.
| fill in the blank 2 | fill in the blank 3 | ||
| fill in the blank 5 | fill in the blank 6 | ||
| fill in the blank 8 | fill in the blank 9 | ||
| fill in the blank 11 | fill in the blank 12 | ||
| fill in the blank 14 | fill in the blank 15 | ||
| fill in the blank 17 | fill in the blank 18 | ||
| fill in the blank 20 | fill in the blank 21 | ||
| fill in the blank 23 | fill in the blank 24 |
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