Chapter 12 Handouts 2 5 .xlsx - Greg and Matt have...

1) Journalize Greg's contribution to the partnership.
Greg and Matt have decided to form a partnership. Greg contributes $40,000 cash and equipment with
$10,000 cash, merchandise inventory with a book value of $20,000, and accounts receivable of $30,000
The partners agree that the equipment and the merchandise is to be valued at $42,000 and $15,000. Th
and that $2,500 is a reasonable balance for allowance for doubtful accounts.
2) Journalize Matt's contribution to the partnership.
X/X/20XX

h an original cost of $100,000 and accumulated depreciation of $65,000. Matt contributes
0.
hey also agree that $5,000 of the of the accounts receivable are completely worthless