Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment, Accounts
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Question:
Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment, Accounts Receivable of $59500; an Allowance for Doubtful Accounts of $8700 (as estimated by the partnership); and $5300 cash. The entry that the partnership makes to record Nate’s initial contribution includes
a. Credit to Nate, Capital for $64800.
b. Credit to Nate, Capital for $64800.
d. Debit to Accounts Receivable for $50800.
d. Credit to Nate, Capital for $56100.
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