Check my work 2 Terrell Owens operates a small shop that sells fishing equipment. His postclosing trial balance on December 31, 2019, is shown below. 1.66 points Owens plans to enter into a partnership with Cathy Turner, effective January 1, 2020. Profits and losses will be shared equally. Owens is to transfer all assets and liabilities of his store to the partnership after revaluation as agreed. Turner will invest cash equal to Owens's Investment after revaluation. The agreed values are Accounts Receivable (net). $29,000; Merchandise Inventory $99,800; and Furniture and Equipment $24,600. The partnership will operate as Owens and Turner Angler's Outpost. eBook Print Ovens Tackle Center Pontclosing Trial Balance December 31, 2019 Account Name Debit Credit Cash 9,500 Accounts Receivable 32,800 Allowance for Doubtful Accounts 5.000 Merchandise Inventory 90,000 Furniture and Equipment 58,200 Accumulated Depreciation 46,000 Accounts Payable 8,000 Capital 131,500 Totale 190,500 190,500 References 1. In general journal form, prepare the entries to record: a. The receipt of Owens's Investment of assets and liabilities by the partnership. b. The receipt of Turner's Investment of cash. 2. Prepare a balance sheet for Owens and Tunter Angler's Outpost just after the investments. Analyze: By what net amount were the net assets of Owens Tackle Center adjusted before they were transferred to the partnership? General Journal Balance Sheet Analyze In general Journal form, prepare the entries to record the receipt of Owens's investment of assets and liabilities by the partnership an the receipt of Turner's investment of cash. View transaction list Journal entry worksheet