John Monroe and Sam Hill are combining their businesses to form a new partnership. Monroe invests merchandise inventory valued at $111,000, store equipment with a book value of $1,200 but appraised at $8,200, and accounts receivable of $24,000, of which $1,600 is assumed to be uncollectible. In addition, he is transferring liabilities of $12,000 owed to creditors. After the entry to record his investment is posted, what is the balance in Monroe's partnership capital account? 

 $124,200 $122,800 $141,600 $129,600

Answer rating: 100% (QA)

the balance in Monroes partnership capital account after recording his investment and its 128400 H... View the full answer