Accounts receivable for new partnership

Reference no: EM13152213

As part of the initial investment, Omar contributes accounts receivable that had a balance of $25,000 in the accounts of a sole proprietorship. Of this amount, $1,150 is completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is

a. $23,100

b. $25,000

c. $24,250

d. $23,850

Reference no: EM13152213

Questions Cloud

Basics of economic entity concept : Under the economic entity concept, which of the following statements is true?

What is the partial pressure of h2o in the compressed gas : In an experiment, 5.00 L of N2 is saturated with water vapor at 22°C and then compressed to half its volume at constant T. (a) What is the partial pressure of H2O in the compressed gas mixture?

Physiological saline solutions used for intravenous : Physiological saline solutions used for intravenous injections have a concentration of 0.90% NaCl by weight

Rigorous rules of accounting : Discuss your thoughts on whether the rigorous rules of accounting necessarily mean there is only one numerical answer. Explain.

Accounts receivable for new partnership : For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $750. The amount debited to Accounts Receivable for the new partnership is

Provide the identity of the white precipitate : when NaOH is added to this solution, a white precipitate forms. Using an equation, provide the identity of the white precipitate and explain its formation.

Significant accounting processing : Briefly describe three strategies for testing internal controls when information technology is used for significant accounting processing.

What is the percent by mass of nahco3 : What is the percent by mass of NaHCO3 in a solution containing 70 g of NaHCO3 dissolved in 700 mL of H2O?

User Account

All Pages