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Provide the journal entry for wells contribution

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Reference no: EM13512327

Ashley Wells contributed a patent, accounts receivable, and $15,000 cash to a partnership.

The patent had a book value of $35,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $280,000.

The accounts receivable control account was $22,000, with an allowance for doubtful accounts of $1,000. The partnership also assumed an $8,000 account payable from Wells.

Provide the journal entry for Wells's contribution to the partnership.

Reference no: EM13512327

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