Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $35,000 cash and accounts receivable of $30,000 less allowance for doubtful accounts of $2,000. Rossi contributes $25,000 cash and equipment having a $6,000 book value. It is agreed that the allowance account should be $3,000 and the fair value of the equipment is $10,000. Prepare the necessary journal entry to record the formation of the partnership.

Dr Cash $60,000

Dr Accounts Receivable$30,000

Dr Equipment $10,000

Cr Allowance for Doubtful Accounts $3,000

Cr Hamiltion, Capital $62,000

Cr Rossi, Capital $35,000

Explanation:

Preparation to record the necessary journal entry to record the formation of the partnership.

Dr Cash $60,000

($35,000 + $25,000)

Dr Accounts Receivable$30,000

Dr Equipment $10,000

Cr Allowance for Doubtful Accounts $3,000

Cr Hamiltion, Capital $62,000

($35,000 + $30,000 – $3,000)

Cr Rossi, Capital $35,000

($25,000 + $10,000)

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