Question

The post-dosing trial balances of two proprietorships on January 1, 2020, are presented below. Sorensen Company Lucas Company Cr. Cr. Dr. $11,000 Cash $13,000 16,000 Accounts receivable 24,000 Allowance for doubtful accounts $2,800 $4,000 Inventory 16.900 24,500 41.000 Equipment 27.000 Accumulated depreciation equipment 22.100 10.100 Notes payable 16,600 13.800 Accounts payable 20.200 28.500 Sorensen, capital 32,800 Lucas, capital 22.500 594,500 594,500 $72.900 378.900 Sorensen and Lucas decide to forme partnership. Sandhill Company with the following agreed upon valeations for noncash assets. Sorensen Company Lucas Company $16,000 $241000 Accounts receivable Allowance for doubtful accounts Inventory 4,100 ta 25.000 BILLOU Equipment 23.000 131800 HW be transferred to the granershipereche detersi la suite the tworzorships

separate journal entries to record the transfer of each proprietorship' s assets and liabilities to the partnership

Answer 1

a
Date	General Journal	Debit	Credit
1-Jan	Cash	13000
	Accounts Receivable	16000
	Merchandise Inventory	25800
	Equipment	23000
	Allowance for doubtful accounts		4100
	Note payable		16600
	Accounts payable		20200
	Roberta capital (B/F)		36900
1-Jan	Cash	11000
	Accounts Receivable	24000
	Merchandise Inventory	18400
	Equipment	13800
	Allowance for doubtful accounts		3700
	Accounts payable		28500
	Flack Capital (B/f)		35000