Instructions Musa Moshref and Shaniqua Hollins have operated a successful firm for many years, sharing net income and net losses equally. Taylor Anderson is to be admitted to the partnership on July of the current year, in accordance with the following agreement a. Assets and liabilities of the old partnership are to be valued at their book values as of June 30, except for the following: CANAL Accounts receivable amounting to $2,400 are to be written off and the allowance for doubtful account is to be increased to 5% of the remaining accounts. Merchandise inventory is to be valued at $77 200. Equipment is to be valued at $156,200. b. Anderson is to purchase $70,400 of the ownership interest of Hollins for $75,400 cash and to contribute another $45,400 cash to the partnership for a total ownership equity of $115,800 The post-closing trial balance of Moshref and Hollins as of June 30 is as follows: The post-closing trial balance of Moshref and Hollins as of June 30 is as follows: Moshref and Hollins POST-CLOSING TRIAL BALANCE June 30, 2017 ACCOUNT TITLE CREDIT DEBIT 8,300.00 Cash Accounts Receivable 42,100.00 Allowance for Doubtful Accounts 1,785.00 Merchandise Inventory Prepaid Insurance 71,600.00 2,600.00 180,000.00 Equipment 42,500.00 Accumulated Depreciation Equipment Accounts Payable 20,700.00 Notes Payable (current) 10 Musa Moshref, Capital 11 Shaniqua Hollins, Capital 34,700.00 119,315.00 85,600.00 Totals 304,600.00 304,600.00 Required: 1. Journalize the entries as of June 30 to record the revaluations, using a temporary account entitled Asset Revaluations. The balance in the accumulated depreciation account is to be eliminated. After journalizing the revaluations, close the balance of the asset revaluations account to the capital accounts of Musa Moshref and Shaniqua Hollins. 2. Joumalize the additional entries to record Anderson's entrance to the partnership on July 1, 2017. Refer to the Chart of Accounts for exact wording of account titles 3. Present a balance sheet for the new partnership as of July 1, 2017. Refer to the information given and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. CHART OF ACCOUNTS Moshref, Hollins, and Anderson General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable REVENUE 410 Revenues 610 Interest Revenue 113 Allowance for Doubtful Accounts 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 118 Office Supplies 119 Prepaid Insurance 125 Equipment 126 Accumulated Depreciation Equipment 129 Asset Revaluations 133 Patent 133 Patent 3 EXPENSES 510 Cost of Merchandise Sold 520 Salary Expense 521 Advertising Expense 523 Depreciation Expense-Equipment 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 533 Insurance Expense 200 534 Supplies Expense 5 35 Office Supplies Expense 22 536 Credit Card Expense ES 537 Cash Short and Over 538 Property Tax Expense 539 Miscellaneous Expense HP TEL LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 710 Interest Expense 214 Interest Payable 215 Notes Payable EQUITY 310 Musa Moshref, Capital 311 Musa Moshrer, Drawing 312 Shaniqua Hollins, Capital 313 Shaniqua Hollins, Drawing 314 Taylor Anderson, Capital 315 Taylor Anderson, Drawing Journal Shaded cells have Required: Journalize the entries as of June 30 to record the revaluations, using a temporary account entitled Asset Revaluations. The balance in the accumulated depreciation account is to be eliminated. After journalizing the revaluations, close the balance of the asset revaluations account to the capital accounts of Musa Moshref and Shaniqua Hollins. Journalize the additional entries to record Anderson's entrance to the partnership on July 1, 2017." *Refer to the Chart of Accounts for exact wording of account sites. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. Score: 35/187 ACCOUNTING EQUATION A DATE Jul1 DESCRIPTION POST HER A SSETS LIABILITIES CREDIT 53,000.00 Jul 1 EQUITY 0,000.00 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Merchandise Inventory 2.000.00 38,000.00 5,000.00 M 76,600.00 Proner GEL Labels and Amount Descriptions Labels Current assets Current liabilities Property, plant, and equipment Amount Descriptions Total assets Total current assets Total liabilities Total liabilities and members' equity Total liabilities and partners' equity Total members' equity Total partners' equity 3. Present a balance sheet for the new partnership as of Juy 1, 2017. Refer to the information given and the list of Labels and Amount Descriptions provided for the Present a balance shear the exact wording of the answer choices for text entries enton na een MOSHRES: HOLLINS, AND ANDERSON balance sheet Assets abilities Ded Partners'Equity