Beyonce sheffield and brittany field decide to form a

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Beyonce Sheffield and Brittany Field decide to form a partnership by combining the assets of their sparate businesses. Sheffield contributes the following assets to the partnership: cash, $18,000; accounts of 4,200; merchandise inventory with a cost of $92,000; and equipment with a cost of 136,000 and accumulated depreciation of $45,000. The partners agree that $5,000 of the accounts receivable are completely worthless and are not to be excepted by the partnership, that $5,700 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $98,400, and that the equipment is to be valued at $81,500. Journalize the partnership's entry to record Sheffield's investment.

Reference no: EM13579273

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