acc 121

posted by .

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

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    Solve for trade accounts receivable, allowance for doubtful accounts, and prepare current assets section of balance sheet as of 12/31/04. Ending Balance Item - 12/31/03 - 12/31/04 Cash - $20,000 - $15,000 Trade accts rec - $40,000 …
  2. Accounting

    On Dec 31, 2007, before adjusting entries, the blances of selected accounts for the company were as follows: Accounts receivable 840,000 Allowance for uncollectable accounts (debit balance) 2,000 dr. The company has determined that …
  3. Business Maths

    How do i calculate this problem. In 2007 the Pearl Boutique had net credit sales of $750,000. On January 1, 2007, Allowance for Doubtful Accounts had a credit balance of $16,000. During 2007, $30,000 of uncollectible accounts receivable …
  4. ACC

    Smithson Corporation had a 1/1/10 balance in the Allowance for Doubtful Accounts of $10,000. During 2010, it wrote off $7,200 of accounts and collected $2,100 on accounts previously written off. The balance in Accounts Receivable was …
  5. accounting

    P9-4A (a-d) Wall Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year end. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 …
  6. Accounting

    Needs the entries for the following scenarios: Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000 a) Frank pays mason 25,000 for 20% of masons interest in the company b) Frank invests 60,000 cash in the partnership …
  7. accounting II

    A company has $314,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The allowance for doubtful accounts now has a $1,890 debit balance. If the company estimates that $8,160 of accounts …
  8. acct ii

    A company has $314,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The allowance for doubtful accounts now has a $1,890 debit balance. If the company estimates that $8,160 of accounts …
  9. Accounting Principles I

    I have been trying to figure this out forever and just can't. Here is the problem: Reported sales of $300,000 write-offs of uncollectible accounts of $10,000 against the allowance for doubtful accounts and a decrease in net accounts …
  10. Accaounting

    Laura’s investment in a new partnership includes $1,000 in cash and $5,000 of equipment. The new partnership is assuming $500 of Laura’s accounts payable. The partnership entry should be which of the following?

More Similar Questions