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Prepare the necessary journal entry to record the formation

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Question - Michelle Hamilton and Bill rossi decide to form a partnership. Hamilton invests $35,000 cash and accounts receivable of $30,000 less allowance for doubtful accounts of $2,000. Rossi contributes $25,000 cash and equipment having a $6,000 book value. It is agreed that the allowance account should be $3,000 and the fair value of the equipment is $10,000.

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

Reference no: EM132012578

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