Business, 26.10.2021 19:00 valeriewatson10

Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 20Y3

Cash $65,000
Accounts receivable $125,000
Less: Allowance for doubtful accounts 7,200 117,800
Land 215,000
Equipment $78,000
Less: Accumulated depreciation—equipment 41,000 37,000
Total assets $434,800
Accounts payable $24,800
Notes payable 76,000
Hannah Freeman, capital 334,000
Total liabilities and owner's equity $434,800

Freeman obtained appraised values for the land and equipment as follows
Land $320,000
Equipment 34,800

An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $9,500. Journalize the partnership's entry for Freeman's investment.

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Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses....

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