Account Title and Description (Books of Geron) Debit Credit

Geron, Capital 20,000

Allowance for Uncollectible Accounts 20,000
To adjust the value of accounts receivable.
Geron, Capital 5,500
Inventories 5,500
To adjust the value on inventories.
Geron, Capital 2,000
Other Assets 2,000
To written off other assets.

Allowance for Uncollectible Accounts 20,000

Accounts Payable 178,940
Notes Payable 200,000
Geron, Capital 614,476
Cash 11,000
Accounts Receivable 234,536
Inventories 114,535
Land 603,000
Furniture and Fixtures 50,345
To close the book of Geron

Account Title and Description (Partnership) Debit Credit

Cash 11,000
Accounts Receivable 234,536
Inventories 114,535
Land 603,000
Furniture and Fixtures 50,345
Allowance for Uncollectible Accounts 20,000
Accounts Payable 178,940
Notes Payable 200,000
Geron, Capital 614,476
To record the investment of Geron.

Cash 22,354
Accounts Receivable 567,890
Inventories 253,402
Building 428,267
Furniture and Fixtures 34,789
Allowance for Uncollectible Accounts 35,000
Accounts Payable 243,650
Notes Payable 345,000
Yumol, Capital 683,052
To record the investment of Yumol.
 Account Title and Description (Books of Yumol) Debit Credit
Yumol, Capital 35,000
Allowance for Uncollectible Accounts 35,000
To adjust the value of accounts receivable.
Yumol, Capital 6,700
Inventories 6,700
To adjust the value on inventories.
Yumol, Capital 3,600
Other Assets 3,600
To written off other assets.

Allowance for Uncollectible Accounts 35,000

Accounts Payable 243,650
Notes Payable 345,000
Yumol, Capital 683,052
Cash 22,354
Accounts Receivable 567,890
Inventories 253,402
Building 428,267
Furniture and Fixtures 34,789
To close the book of Yumol