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Journalize the partnership entry for freeman investment

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Reference no: EM132946627

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 $40,250

Accounts receivable $75,700

Less: Allowance for doubtful accounts 4,400 71,300

Land 181,000

Equipment $70,000

Less: Accumulated depreciation-equipment 43,500

26,500Total assets $319,050

Accounts payable $22,500

Notes payable 64,750

Hannah Freeman, capital 231,800

Total liabilities and owner's equity $319,050

Freeman obtained appraised values for the land and equipment as follows:

Land $252,000

Equipment20,700

Problem 1: An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $6,400. Journalize the partnership's entry for Freeman's investment.

Reference no: EM132946627

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