Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $45,000 and equipment with a cost of $175,000 and accumulated depreciation of $101,000. The partners agree that the equipment is to be valued at $68,200, that $3,400 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,600 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Tim contributes cash of $22,000 and merchandise inventory of $45,500. The partners agree that the merchandise inventory is to be valued at $49,000.Required:
Journalize the entries to record in the partnership accounts (a) Jesse’s investment and (b) Tim’s investment. Refer to the Chart of Accounts for exact wording of account titles.

The Journal entries with their narrations of Jesse’s investment and Tim’s investment is shown below:-

Explanation:

a. Jesse’s investment

Accounts Receivable Dr,                      $41,600

($45,000 - $3,400)

Agreed price of equipment Dr,             $68,200

      To allowance for doubtful debts                 $1,600

       To capital account                                       $108,200

(Being Jesse's investment is recorded)

b. Tim’s investment

Cash Dr,                                           $22,000

Agreed price of inventory Dr,             $49,000

           To Tim capital                                         $71,000

(Being Tim's investment is recorded)

the correct answer option is b. a single paragraph.

explanation:

when you are thinking about paragraph​ topics, you should always choose a subject that can be adequately addressed in a single paragraph.

a paragraph is a piece of writing consisting of a few sentences that deal with a single theme. it has only a single idea that the paragraph revolves around and talks about.

so a paragraph topic must be chosen wisely where a single idea can be communicated in a single paragraph.