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blagie [28]
3 years ago
9

As part of the initial investment, Jackson contributes accounts receivable that had a balance of $35,017 in the accounts of a so

le proprietorship. Of this amount, $1,229 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $740. The amount debited to Accounts Receivable for the new partnership is
Business
1 answer:
Arlecino [84]3 years ago
6 0

Answer: $33788

Explanation:

From the question, we are told that as part of the initial investment, Jackson contributes accounts receivable that had a balance of $35,017 in the accounts of a sole proprietorship and of this amount, $1,229 is deemed completely worthless.

The amount that will be debited to the accounts receivable for the new partnership will be the difference between the balance of $35017 and the $1229 that is seen as been worthless.

= $35017 - $1229

= $33788

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3 years ago
On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month:
Sphinxa [80]

Answer:

a. Dr Cash 17,500

Cr Common Stock 17,500

b. Dr Supplies 2,300

Cr Account payable 2,300

c. Dr Cash 13,300

Cr Sales commission 13,300

d. Dr Rent expense 3,000

Cr Cash 3,000

e. Dr Account payable 1,150

Cr Cash 1,150

f. Dr Dividend 1,800

Cr Cash 1, 800

g. Dr Automobile expense 1,500

Dr Miscellaneous expense 400

Cr Cash 1,900

h. Dr Salaries expense 2,800

Cr Cash 2,800

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Cr Supplies 1,050

Explanation:

Preparation of Journal entry

a. Dr Cash 17,500

Cr Common Stock 17,500

b. Dr Supplies 2,300

Cr Account payable 2,300

c. Dr Cash 13,300

Cr Sales commission 13,300

d. Dr Rent expense 3,000

Cr Cash 3,000

e. Dr Account payable 1,150

Cr Cash 1,150

f. Dr Dividend 1,800

Cr Cash 1, 800

g. Dr Automobile expense 1,500

Dr Miscellaneous expense 400

Cr Cash 1,900

(1,500+400)

h. Dr Salaries expense 2,800

Cr Cash 2,800

i. Dr Supplies expense 1,050

Cr Supplies 1,050

8 0
3 years ago
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Answer:

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