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
partnership. The fair value of the equipment is $12,500.
Journalize Vopat’s admission to the firm of Vopat and Sigma.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
| Jan. 1 |
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Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 1 | Cash | 11700 | |
| Accounts receivable | 14000 | ||
| Equipment | 12500 | ||
| Allowance for doubtful accounts | 3300 | ||
| Suzy Vopat, Capital | 34900 |
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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...
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...
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