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lesya [120]
3 years ago
8

Bob is investing in a partnership with Andy. Bob contributes as part of his initial investment, Accounts Receivable of $120,000;

an Allowance for Doubtful Accounts of $18,000; and $12,000 cash. The entry that the partnership makes to record Bob's initial contribution includes a Group of answer choices
Business
1 answer:
Fittoniya [83]3 years ago
6 0

Answer:

Credit to Bob, Capital for $114,000

Explanation:

Based on the information given the entry that the partnership makes to record Bob's initial contribution includes a CREDIT TO BOB, CAPITAL FOR $114,000 Calculated using this formula

Bob, Capital=Accounts Receivable-Allowance for Doubtful Accounts+Cash

Let plug in the formula

Bob, Capital=$120,000-$18,000+$12,000

Bob, Capital=$114,000

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