M. Anthony and S. Collier combine their individual sole proprietorships to start the Anthony -...
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Accounting
M. Anthony and S. Collier combine their individual sole proprietorships to start the Anthony - Collier partnership. M. Anthony and S. Collier invest in the partnership as follows
Book Value
Fair Value
Anthony
Collier
Anthony
Collier
Cash
$ 21700
$ 5500
$ 21700
$ 5500
Accounts Receivable
9300
4100
9300
4100
Allowance for Doubtful Accounts
( 1700)
( 680)
( 2120)
( 990)
Equipment
14100
24700
13900
9100
Accumulated Depreciation
( 2200)
( 9000)
The entries to record the investment will include a credit to:
Collier, Capital of $ 17710.
Anthony, Capital of $ 42900.
Anthony, Capital of $ 41200.
Collier, Capital of $ 24310.
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