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Barton and Fallows form a partnership by combining the assets of their separate businesses, Barton...

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Accounting

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Barton and Fallows form a partnership by combining the assets of their separate businesses, Barton contributes accounts receivable with a face amount of 145,000 and equipment with a cost of $191,000 and accumulated depreciation of 599,000. The partners agree that the equipment is to be valued at $90,000, that $3,200 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that 32,000 is a reasonable allowance for the uncollectity of the remaining accounts receivable Fallows contributes cash of $20,000 and merchandise Inventory of $56,500. The partners agree that the merchandise inventory is to be valued at $61,000. Journaltre the entries to record in the partnership accounts (a) Barton's investment and (b) Fallowa's investment. It an amount box does not require an entry, Inawet blank (b)

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