It is agreed that the allowance account should be 3000 and

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Reference no: EM13389686

Dick Acer and George Dooley decide to form a partnership. Acer invests $25,000 cash and accounts receivable of $30,000 less allowance for doubtful accounts of $2,000. Dooley contributes $20,000 cash and equipment having a $6,000 book value. It is agreed that the allowance account should be $3,000 and the fair market value of the equipment is $10,000.

Instructions

Prepare the necessary journal entry to record the formation of the partnership.

Reference no: EM13389686

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