BACK WilayPLUS Problem 12- (Part Level Submission) Mo Mulder and Molly Munchkin operate separate hobby shops. On April , 2021, they decide to combine their businesses, which had been operated as proprietorships, to form Mo & Molly Partnership Information from their separate balance sheets is presented below: Mo's Models Molly's Crafts Cash $7,000 $6.000 Accounts receivable 2,200 700 Allowance for doubtful accounts 200 100 Accounts payable 1,200 800 Equipment 2,000 1.100 Accumulated depreciation equipment 400 It is agreed that the expected realizable value of accounts receive 1.500 and Molly's recev 100. The fir market value of Moseguiment is $1,000 and Molly's equipment is $500 It is further agreed that the new partnership will assume alates of the proprietorship 800 Your answer is partially correct. Try again Prepare the journal entries necessary to record the formation of the partnershi. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) mate Anna s Prepare the journal entries necessary to record the formation of the partnership. (Credit account titles are automatically indented when t Date Account Titles and Explanation Debit Credit Apr. 8, 202141 Cash 7000 Accounts Receivable 2200 Equipment 1000 Allowance for Doubtful Accounts Accounts Payable 1200 M. Mulder, Capital (To record Mo's Models) 8300 Apr 8, 2021 Cash 6000 Accounts Receivable 700 Equipment 500 Allowance for Doubtful Accounts 300 Accounts Payable 800 M. Munchkin, Capital 6100