Ron Maples and Mei Cui form a partnership by combining assets of their former businesses.
The following balance sheet information is provided by Maples, sole proprietorship:

Maples obtained appraised values for the land and equipment as follows:
Land ........ $165,000
Equipment ....... 10,000
An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,000.
Journalize the partnership€™s entry for Maples€™sinvestment.

30,000 $65,000 3,200 Accounts receivable Less: Allowance for doubtful accounts Land Equipment Less: Accumulated depreciation-equipment Total assets 61,800 120,000 $60,000 36,000 24,000 $235,800 Accounts payable Notes payable Ron Maples, capital Total liabilities and owner's equity 18,000 45,000 172,800 $235,800