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Trevino and B. Hogan combine their individual sole proprietorships to start the Trevino-Hogan partnership. L. Trevino and B. Hogan invest in the partnership as follows:

Book Value Fair Value
Trevino Hogan Trevino Hogan
Cash $21,000 $6,000 $21,000 $6,000
Accounts Receivable 9,000 3,000 9,000 3,000
Allowance for Doubtful
Accounts (1,500) (600) (2,100) (900)
Equipment 15,000 24,000 13,500 9,000
Accumulated Depreciation (3,000) (9,000)

The entries to record the investment will include a credit to:

Accounting Basics, Accounting

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  • Reference No.:- M947621

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