Solution-Partner investments-journal entries

Partner investments-journal entries

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Reference no: EM13540047

Partner investments; journal entries.

The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed various assets from a business that he had operated over the past five years. A balance sheet from that business disclosed the following:

Accounts receivable	27,000
Allowance for uncollectibles	(3,200)
Equipment	68,000
Accumulated depreciation	(24,000)

The partners confirmed that the allowance for uncollectible accounts should be decreased by $600. In addition, an independent appraisal determined that fair market values of the land and equipment on January 1 were $125,000 and $35,000, respectively.

Prepare the journal entries needed to record the investments of Levy and Parcells.

Reference no: EM13540047

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Partner investments-journal entries

Reference no: EM13540047

Reference no: EM13540047

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