K. M. Jackson, as his original investment in the firm of Jackson and Scott, contributes equipment that

Question:

K. M. Jackson, as his original investment in the firm of Jackson and Scott, contributes equipment that had been recorded in the books of his own business as costing $ 140,000, with accumulated depreciation of $ 86,000. The partners agree on a valuation of $ 65,000. They also agree to accept Jackson’s of $ 72,000, collectible to the extent of 90 percent. Give the journal entry to record Jackson’s investment in the of Jackson and Scott on August 15.

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...