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

Question:

Ashley Wells contributed a patent, and $15,000 cash to a 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 control account was $22,000, with an allowance for doubtful accounts of $1,000. The also assumed an $8,000 account payable from Wells.
Provide the journal entry for Wells's contribution to the Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...