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Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $43,200...

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Accounting

Michelle Hamilton and Bill Rossi decide to form a partnership. Hamilton invests $43,200 cash and accounts receivable of $30,900 less allowance for doubtful accounts of $2,200. Rossi contributes $29,500 cash and equipment having a $7,000 book value. It is agreed that the allowance account should be $3,100 and the fair value of the equipment is $11,000.
Prepare the necessary journal entry to record the formation of the partnership. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Credit
image

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