Calculator artnership Opening Entries Instructions Chart of Accounts General Journal Instructions On July 1, 20-- Lisa Bush and Wally Dodge combined their two businesses to form a partnership under the firm name of Bush and Dodge. The balance sheets of the two sole proprietorships are shown below. Bush's Grooming & Pet Supplies Balance Sheet June 30, 20 - Liabilities 1 Assets $4,600.00 Notes payable 2 Cash $4,200.00 Accounts payable 3 Accounts receivable 480.00 3,720.00 Total liabilities 4 Less allowance for bad debts 28,580.00 5 Merchandise inventory Owner's Equity $9,260.00 6 Store equipment 2,400.00 6,860.00 Lisa Bush, capital 7 Less accumulated depreciation $43,760.00 Total liabilities and owner's equity 8 Total assets Wally's Pet World > Ralance Sheet Next > Previous Submit Assignment for Grading Save and Exit eBook Show Me How Calculator Partnership Opening Entries Instructions Chart of Accounts General Journal Instructions 2 Cash $3,350.00 Notes payable 3 Accounts receivable $6,000.00 $4,150.00 Accounts payable 5,500.00 4 Less allowance for bad debts 250.00 3,900.00 Total liabilities 5 Merchandise inventory 27,240.00 6 Supplies 845.00 7 Office equipment $8,830.00 8 Less accumulated reciati 3,400.00 5,430.00 9 Store equipment $9,175.00 Owner's Equity 10 Less accumulated depreciation 4,250.00 4,925.00 Wally Dodge, capital 11 Total assets $45,690,00 Total liabilities and owner's equity The balance sheets reflect fair market values except for the following: (a) The fair market value of Bush's store equipment is $7.350. (b) The fair market values Dodge's office equipment and store equipment are $5,875 and $6,100, respectively Required: Prepare the opening entry for the formation of the Bush and Dodge partnership as of July 1, 20-, using fair market values. The difference between assets invested and liabilities assumed should be credited to each partner's capital account. Neither partner has knowledge of any uncollectible accounts receivable. Previous Next Submit Assignment for Grading Check My Work Email Instructor Save and Exit Calculator artnership Opening Entries Instructions Chart of Accounts General Journal Instructions On July 1, 20-- Lisa Bush and Wally Dodge combined their two businesses to form a partnership under the firm name of Bush and Dodge. The balance sheets of the two sole proprietorships are shown below. Bush's Grooming & Pet Supplies Balance Sheet June 30, 20 - Liabilities 1 Assets $4,600.00 Notes payable 2 Cash $4,200.00 Accounts payable 3 Accounts receivable 480.00 3,720.00 Total liabilities 4 Less allowance for bad debts 28,580.00 5 Merchandise inventory Owner's Equity $9,260.00 6 Store equipment 2,400.00 6,860.00 Lisa Bush, capital 7 Less accumulated depreciation $43,760.00 Total liabilities and owner's equity 8 Total assets Wally's Pet World > Ralance Sheet Next > Previous Submit Assignment for Grading Save and Exit eBook Show Me How Calculator Partnership Opening Entries Instructions Chart of Accounts General Journal Instructions 2 Cash $3,350.00 Notes payable 3 Accounts receivable $6,000.00 $4,150.00 Accounts payable 5,500.00 4 Less allowance for bad debts 250.00 3,900.00 Total liabilities 5 Merchandise inventory 27,240.00 6 Supplies 845.00 7 Office equipment $8,830.00 8 Less accumulated reciati 3,400.00 5,430.00 9 Store equipment $9,175.00 Owner's Equity 10 Less accumulated depreciation 4,250.00 4,925.00 Wally Dodge, capital 11 Total assets $45,690,00 Total liabilities and owner's equity The balance sheets reflect fair market values except for the following: (a) The fair market value of Bush's store equipment is $7.350. (b) The fair market values Dodge's office equipment and store equipment are $5,875 and $6,100, respectively Required: Prepare the opening entry for the formation of the Bush and Dodge partnership as of July 1, 20-, using fair market values. The difference between assets invested and liabilities assumed should be credited to each partner's capital account. Neither partner has knowledge of any uncollectible accounts receivable. Previous Next Submit Assignment for Grading Check My Work Email Instructor Save and Exit