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Gennadij [26K]
3 years ago
12

Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivab

le with a face amount of $48,000 and equipment with a cost of $186,000 and accumulated depreciation of $105,000. The partners agree that the equipment is to be valued at $90,000, that $3,700 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,900 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,300 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be valued at $60,500. Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows's investment. If an amount box does not require an entry, leave it blank. (a) (b)
Business
1 answer:
bekas [8.4K]3 years ago
5 0

Answer and Explanation:

The Journal entry is shown below:-

1. Equipment Dr, $90,000

Accounts receivable Dr, $44,300

($48,000 - $3,700)

      To Accumulated depreciation -equipment $1,900

      To Barton's capital $132,400

(Being Barton capital contribution in the form of accounts Receivable and equipment as per agreed terms is recorded)

2. Cash account Dr, $28,300

Merchandise Inventory Account Dr, $60,500

       To  Fallows’s Capital Account $88,800

(Being Fallows capital contribution in the form of merchandise inventory and cash as per agreed terms)

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The fiscal deficit for the government for the current year will be $20 billion for the given condition.

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The condition where there is an excess of expenditures over the income during a given financial period, it is known as fiscal deficit. The computation of fiscal deficit using the formula and the given information will be,

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2 years ago
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3 years ago
Which of the following is not recommended for cooking fresh pasta
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Hope this helps

8 0
2 years ago
Read 2 more answers
Zoey Bella Company has a payroll of $9,440 for a five-day workweek. Its employees are paid each Friday for the five-day workweek
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Answer:

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Cr Accrued expense (B/s)

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Dr Accrued expense (B/s)

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