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I need help with the balance sheet. The trial balances of two proprietorships on January 1,2024 , follow: Walker and Allen decide to form a
I need help with the balance sheet.
The trial balances of two proprietorships on January 1,2024 , follow: Walker and Allen decide to form a partnership on January 1 and agree on the following valuations for the noncash assets that they are each contributing: All of the assets in each of the proprietorships will be transferred to the partnership. The partnership will also assume all the liabilities of the two proprietorships. Walker and Allen are also agreed that Allen will invest the amount of cash required so their investments in the partnership are equal. Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership on January 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) [ J Attempts: 3 of 5 used (c) Journalize the additional cash investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prenare a halanre sheet for the nartnerchin as at lan arv 12024 (I ict Current Assets in order of liquidity.)Step by Step Solution
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