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Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopat's investment in the partnership consists of $11,700 in cash, and the following assets of the proprietorship: accounts receivable $14,000 less allowance for doubtful accounts of $2,200, and equipment $20,300 less accumulated depreciation of $4,400. It is agreed that the allowance for doubtful accounts should be $3,300 for the partnership. The fair value of the equipment is $12,500.

Journalize Vopat's admission to the firm of Vopat and Sigma.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92825978

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