Further. It is agreed that Sorensen will Invest an acclonal 55,100 In cash and Lucas will Invest an additional $23.200 In cash. Journalze the addidors cach Investment by each partner. (Credit acco entered. Do not indent anually.) No. Account Titles and Explanation Debit Credit Jer, Problem 12 01A (Video) The post-clusng trial balances of two proprietarships on January 1, 2020, are preserted belon Sorensen Company Lucas Company Di. Cr. Dr. Cr. Cash $17,000 $14,500 Aunts receivable 21,500 32,000 Allawance Parcoubtl accounts $3,700 $5,400 Inventory 32,500 22,400 Equipment 55.000 35,000 Accumulated depreciation-quipment 29,300 13,403 Notes payable 22,000 18,303 Accounts payebe 25,800 37,800 Sorersen, Goal Luca, capital 29,100 $126.000 $125,000 $104,000 $104.000 (Toro Sart.) Jan. 1 Torniment Sorensen and Lucas decide to form a partnership, Crane Company, with the following agreed upon velustiers for noncash assets. Sorensen Company Lucas Company Prepare a class led balance sheet for the patriership on January 1, 2020. (List Current Assets in order of liquidity.) Lccunts receivable $2.500 $32.000 CRANE COMPANY Allowance for coubtful accounts 5.500 4,900 Balance Sheet Inventory 34,200 24,400 Equipment 30.500 .8.200 Assets All sech will be transferred to the partnershio, and the partnership will assume all the liabilities of the two proprietorships, Prepere separate journal entries to record the transfer of each proprietorsho's assets and tablities to the partnershia. (C Date Account Titles and Explanation Debit Credit Jar. 1 Allowance for Doubtful Accounts 3700 Notes Payable Accounts Payable 26900 13500 Cash 17000 Acante Robe 21500 Inventory 32500 Equipment 39500 Llabilities and Owners' Equity Jan. 1 (Transfer of Lucas assets and tables.) Further. It is agreed that Sorensen will Invest an acclonal 55,100 In cash and Lucas will Invest an additional $23.200 In cash. Journalze the addidors cach Investment by each partner. (Credit acco entered. Do not indent anually.) No. Account Titles and Explanation Debit Credit Jer, Problem 12 01A (Video) The post-clusng trial balances of two proprietarships on January 1, 2020, are preserted belon Sorensen Company Lucas Company Di. Cr. Dr. Cr. Cash $17,000 $14,500 Aunts receivable 21,500 32,000 Allawance Parcoubtl accounts $3,700 $5,400 Inventory 32,500 22,400 Equipment 55.000 35,000 Accumulated depreciation-quipment 29,300 13,403 Notes payable 22,000 18,303 Accounts payebe 25,800 37,800 Sorersen, Goal Luca, capital 29,100 $126.000 $125,000 $104,000 $104.000 (Toro Sart.) Jan. 1 Torniment Sorensen and Lucas decide to form a partnership, Crane Company, with the following agreed upon velustiers for noncash assets. Sorensen Company Lucas Company Prepare a class led balance sheet for the patriership on January 1, 2020. (List Current Assets in order of liquidity.) Lccunts receivable $2.500 $32.000 CRANE COMPANY Allowance for coubtful accounts 5.500 4,900 Balance Sheet Inventory 34,200 24,400 Equipment 30.500 .8.200 Assets All sech will be transferred to the partnershio, and the partnership will assume all the liabilities of the two proprietorships, Prepere separate journal entries to record the transfer of each proprietorsho's assets and tablities to the partnershia. (C Date Account Titles and Explanation Debit Credit Jar. 1 Allowance for Doubtful Accounts 3700 Notes Payable Accounts Payable 26900 13500 Cash 17000 Acante Robe 21500 Inventory 32500 Equipment 39500 Llabilities and Owners' Equity Jan. 1 (Transfer of Lucas assets and tables.)
