1. Charlene Tilson and Jade Petricka decide to organize the Petson partnership. Tilson invests $15,000 cash, and Petricka contributes $12,000 cash and two assets from her sole proprietorship (accounts receivable $9,000 less allowance for doubtful accounts $1,000, and land having a book value of $7,000). Prepare the entry to record Petricka’s investment in the partnership, assuming the net realizable

Sep 8, 2023

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1. Charlene Tilson and Jade Petricka decide to organize the Petson partnership. Tilson invests $15,000 cash, and Petricka contributes $12,000 cash and two assets from her sole proprietorship (accounts receivable $9,000 less allowance for doubtful accounts $1,000, and land having a book value of $7,000). Prepare the entry to record Petricka’s investment in the partnership, assuming the net realizable
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