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 $32,350 Accounts receivable $60,800 Less: Allowance for doubtful accounts 3,600 57,200 Land 146,000 Equipment $57,000 Less: Accumulated depreciation—equipment 34,900 22,100 Total assets $257,650 Accounts payable $18,100 Notes payable 53,250 Hannah Freeman, capital 186,300 Total liabilities and owner's equity $257,650 Freeman obtained appraised values for the land and equipment as follows: Land $203,000 Equipment 17,200 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,300. Journalize the partnership's entry for Freeman’s investment. If an amount box does not require an entry, leave it blank.
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 $32,350 Accounts receivable $60,800 Less: Allowance for doubtful accounts 3,600 57,200 Land 146,000 Equipment $57,000 Less: Accumulated depreciation—equipment 34,900 22,100 Total assets $257,650 Accounts payable $18,100 Notes payable 53,250 Hannah Freeman, capital 186,300 Total liabilities and owner's equity $257,650 Freeman obtained appraised values for the land and equipment as follows: Land $203,000 Equipment 17,200 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,300. Journalize the partnership's entry for Freeman’s investment. If an amount box does not require an entry, leave it blank.
Chapter13: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 46P
Related questions
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 | $32,350 | ||
| $60,800 | |||
| Less: Allowance for doubtful accounts | 3,600 | 57,200 | |
| Land | 146,000 | ||
| Equipment | $57,000 | ||
| Less: |
34,900 | 22,100 | |
| Total assets | $257,650 | ||
| Accounts payable | $18,100 | ||
| Notes payable | 53,250 | ||
| Hannah Freeman, capital | 186,300 | ||
| Total liabilities and owner's equity | $257,650 |
Freeman obtained appraised values for the land and equipment as follows:
| Land | $203,000 |
| Equipment | 17,200 |
An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,300.
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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