Jack L. and Matthew C. would like to combine businesses to form a partnership. Jack contributes the following: building,

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answerhappygod
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Jack L. and Matthew C. would like to combine businesses to form a partnership. Jack contributes the following: building,

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Jack L. and Matthew C. would like to combine businesses to forma partnership. Jack contributes the following: building, $7,950;Notes payable on the building, $2,150; and inventory, $790. Matthewcontributes $1,200 of accounts receivable, which has an allowancefor doubtful accounts of $250. Matthew also contributes $970 incash. Required: Prepare the journal entry to record thecontributions, which will occur on August 21, 2019.
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