Response to the following problem:
Cain and Able entered into a partnership. The agreement called for Cain to contribute the following assets: cash, $ 2,000; accounts receivable having a balance in Cain's books of $5,500; and an allowance for bad debts of $750.The partnership agreement called for recognition of accounts receivable for $5,200 and new allowance account with u credit balance of $1,600.
Record the general journal entry necessary for the admission of Cain into the partnership.