Jesse and Tim form a partnership by combining the assets oftheir separate businesses. Jesse contribu

Jesse and Tim form a partnership by combining the assets oftheir separate businesses. Jesse contributes accounts receivablewith a face amount of $45,000 and equipment with a cost of $180,000and accumulated depreciation of $99,000. The partners agree thatthe equipment is to be valued at $68,200, that $3,500 of theaccounts receivable are completely worthless and are not to beaccepted by the partnership, and that $2,100 is a reasonableallowance for the uncollectibility of the remaining accountsreceivable. Tim contributes cash of $22,000 and merchandiseinventory of $45,500. The partners agree that the merchandiseinventory is to be valued at $49,000. Journalize the entries to record in the partnership accounts (a)Jesse’s investment and (b) Tim’s investment. If an amount box doesnot require an entry, leave it blank. . . .

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