All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Further, it is a reed that Sorensen will invest an additional $4 700 in cash, and Lu as will invest an additional 17 900 in cash. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Credit (Transfer or Sorensen's assets and liabilities.) an. 1 (Transfer of Lucas' assets and Eablities.)