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Rainier admits Diona as a partner in business. Just before the partnership's formation, Rainier's...

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Accounting

Rainier admits Diona as a partner in business. Just before the partnership's formation, Rainier's books showed the following:
\table[[Cash,2,600],[Accounts receivable,12,000],[Merchandise inventory,18,000],[Accounts payable,6,200],[Rainier, capital,26,400]]
It was agreed that, for purposes of establishing Rainier's investment firm, the folliowing acjustments shall be reflected.
Alowance for bad debts of 2% should be set up
Merchandise inventory siould be valued at P20,200
How much cash sh 1 and accued expenses of P400 stould be recognized third interest in the par Diona invest to secure a one-
Question 20Select one:
28,410
28,310
[
14,155
26,400
image

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