Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their...

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Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses, Kaiser contributes the following assets to the partnership: cash, $20,910; accounts receivable with a face amount of $219,560 and an allowance for doubtful accounts of $7,920; merchandise inventory with a cost of $80,870; and equipment with a cost of $137,240 and accumulated depreciation of $89,210. The partners agree that $9,660 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $16,470 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $76,020, and that the equipment is to be valued at $60,520. Journalize the partnership's entry to record Kaiser's investment. If an amount box does not require an entry, leave it blank. Vanessa Kaiser and Mariah Newman decide to form a partnership by combining the assets of their separate businesses, Kaiser contributes the following assets to the partnership: cash, $20,910; accounts receivable with a face amount of $219,560 and an allowance for doubtful accounts of $7,920; merchandise inventory with a cost of $80,870; and equipment with a cost of $137,240 and accumulated depreciation of $89,210. The partners agree that $9,660 of the accounts receivable are completely worthless and are not to be accepted by the partnership, that $16,470 is a reasonable allowance for the uncollectibility of the remaining accounts, that the merchandise inventory is to be recorded at the current market price of $76,020, and that the equipment is to be valued at $60,520. Journalize the partnership's entry to record Kaiser's investment. If an amount box does not require an entry, leave it blank.

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Answer To journalize the partnerships entry to record Kalsers investment we need to consider the val... View the full answer