Joumalizing partner's original investmentHolly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The patent had a book value of$8,000. However, the technology covered by the patent appeared to have significant market potentiaL Thus, the patentwas appraised at $92,000. The accounts receivable control account was $45,000, with an allowance for doubtful accountsof $3,000. The partnership also assumed a $14,000 account payable owed to a Renfro supplier. Provide the journal entry for Renfro's contribution to the partnership.
+2
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Joumalizing partner's original investmentHolly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Home » Business » Joumalizing partner's original investmentHolly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The patent had a book value of$8,000.