Answer:
Date | Particulars | Debit ($) | Credit ($) |
Jan 1 | Cash | 11700 | |
Equipment | 12500 | ||
Accounts receivable | 14000 | ||
Allowance for Doubtful Debts | 3300 | ||
Suzy vopat capital | 34900 |
Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides...
Suzy Vopat has owned and operated a proprietorship for several
years. On January 1, she decides to terminate this business and
become a partner in the firm of Vopat and Sigma. Vopat’s investment
in the partnership consists of $11,700 in cash, and the following
assets of the proprietorship: accounts receivable $14,000 less
allowance for doubtful accounts of $2,200, and equipment $20,300
less accumulated depreciation of $4,400. It is agreed that the
allowance for doubtful accounts should be $3,300 for the...
PRINTER VERSION RACK NEX Exercise 12-3 Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopa investment in the partnership consists of $11,000 in cash, and the following assets of the proprietorship: accounts receivable $14,000 less allowance for doubtful accounts of $1,500, ane equipment $9,000 less accumulated depreciation of $3,500. It is agreed that the allowance for doubtful...
ment Exercise 12-03 Your answer is partially correct. Try again. Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she d partnership consists of $11,900 in cash, and the following assets of the proprietorship: acco depreciation of $3,600. It is agreed that the allowance for doubtful accounts should be $2,4 Journalize Vopat's admission to the firm of Vopat and Sigma. (Credit account titles are al Date Account Titles and Explanation Debit Credit Jan. 1 esh...
Assignment Grade ORION CRATOR A RT PRINTER VERSION BACK NEXT Exercise 12-03 Sury Vopat has owned and operated a proprietorship for several years. On lanuary 1, she decides to terminate this business and become a partner in the form of Vapat and Sime. Vepat's investment in the partnership consists of $12,000 in cash, and the following sets of the proprietorships accounts receivable $14.700 less allowance for doubt counts of $2.400, and at $20.900 le accurated depreciation of $4,100. It is...
Exercises Journalize entry for formation of a partnership (LO 2), AP EH-1 Gary Ellis has owned and operated a proprietorship for several years. On January 1, he decides to terminate this business and become a partner in the firm of Marin and Ellis. Ellis's investment in the partnership consists of $15,000 in cash, and the follow- ing assets of the proprietorship: accounts receivable $14,000 less allowance for doubtful accounts of $2,000, and equipment $20,000 less accumulated depreciation of $4,000. It...
Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally. Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: Accounts receivable amounting to $2,200 are to be written off, and the...
Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally. Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: 1. Accounts receivable amounting to $2,200 are to be written off,...
Instructions Musa Moshref and Shaniqua Hollins have operated a successful firm for many years, sharing net income and net losses equally. Taylor Anderson is to be admitted to the partnership on July of the current year, in accordance with the following agreement a. Assets and liabilities of the old partnership are to be valued at their book values as of June 30, except for the following: CANAL Accounts receivable amounting to $2,400 are to be written off and the allowance...
Chapter 12 Test Calculator Print Item Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally. Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: 1. Accounts receivable amounting to...
1. Jim Steele and John Rich operate separate auto repair shops as proprietorships. On January 1, 2019, they decide to combine their separate businesses to form Steele Rich Auto Repair, a partnership. Information from their separate balance sheets is presented below: Steele Auto Repair Rich Auto Repair Cash................................................................................ $ 5,000 $10,000 Accounts receivable......................................................... 8,000 5,000 Allowance for doubtful accounts...................................... 1,000 500 Accounts payable............................................................. 3,000 6,000 Notes payable.................................................................. — 5,000 Salaries payable............................................................... 1,000 500 Equipment...................................................................... 12,000 26,000 Accumulated depreciation—equipment........................... 2,000 4,000 It is agreed that the expected realizable value of Steele's accounts receivable is $5,000 and Rich's receivables...