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July 29, 2015

Homework Help: acc 121

Posted by moe on Friday, June 3, 2011 at 6:03pm.

Bob is investing in a partnership with Andy. Bob contributes as part of his initial investment, Accounts Receivable of $80,000; an Allowance for Doubtful Accounts of $12,000; and $8,000 cash. The entry that the partnership makes to record Bob's initial contribution includes a :
a.credit to Bob, Capital for $88,000
b.debit to Accounts Receivable for $68,000.
c. credit to Bob, Capital for $76,000.
d.debit to Allowance for Doubtful Accounts for $12,000

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