Journalize the partnership's entry for Freemans investment. If an amount box does not require an entry, leave it blank.

Cash $$32,200$

Accounts receivable $$60,500$

Less: Allowance for doubtful accounts $3,50057,000$

Land $145,000$

Equipment $$56,000$

Less: Accumulated depreciation$$equipment $34,80021,200$

Total assets $$255,400$

Accounts payable $$18,000$

Notes payable $51,900$

Hannah Freeman, capital $185,500$

Total liabilities and owner's equity $$255,400$

Freeman obtained appraised values for the land and equipment as follows:

Land $$202,000$

Equipment $16,500$

An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $$5,100.$

Answer rating: 100% (QA)

The journal entry to record Freemans investment would be as fol... View the full answer