Henri Mikels and Alex jamison are watch repairmen who want to form a partnership and open a jewelry

Henri Mikels and Alex jamison are watch repairmen who want to form a partnership and open a jewelry store. They have an attorney prepare their partnership agreement, which indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value.

The assets contributed by each partner and the liabilities assumed by partnership are as follows:

Assets                                          Henri Mikelscash            Alex Jamison

Account Receivable                           $40,000                      $ 30,000

Allowance for uncollectible account          52,000                        20,000

Supplies                                           1,000                          3,000

Equipment                                          20,000                         10,000

Liabilities

Account Payable                                32,000                        9,000

Prepare the entry journal form necessary to record the original investment of Mikels and Jamison in the partnership.

 

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