LachapelleandRennekformed a partnership onMarch15,2018.The partners agreed to contribute equal amounts of capital.Lachapellecontributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows:

o AC = Homework: Chapter 12 Homework Question 1, P12-24A (Si... Part 2 of 5 > HW Score: 12.55%, 5.4 of 43 points Points: 5.4 of 28 Save Lachapelle and Rennek formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lachapelle contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: Click the icon to view the book and market values of the sole proprietorship.) i (Click the icon to view additional information.) Read the requirements. Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the contribution made by Lachapelle. Date Accounts and Explanation Debit Credit Mar. 15 Accounts Receivable 11,100 Merchandise Inventory 33,000 3,300 21,000 Prepaid Expenses Store Equipment Lachapelle, Capital Accounts Payable To record Lachapelle's contribution. 45,400 23,000 Etext pages Calculator Get more help Clear all Check answer HW Score: 12.55%, 5.4 of 43 points Points: 5.4 of 28 Save Requirements Lach in pa pelle contributed her sole proprietorship's assets and liabilities (credit balances 1. Journalize the partners' initial contributions. 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. Data table Read Print Done Lachapelle's Business Current Market Book Value Value Req Accounts Receivable $ 13,000 $ 11,100 Begin by 40,000 - X 33,000 Date More info 3,500 3,300 Merchandise Inventory Prepaid Expenses Store Equipment, Net Accounts Payable Mar. 1 43,000 21,000 (23,000) (23,000) On March 15, Rennek contributed cash in an amount equal to the current market value of Lachapelle's partnership capital. The partners decided that Lachapelle will earn 70% of partnership profits because she will manage the business. Rennek agreed to accept 30% of the profits. During the period ended December 31, the partnership earned net income of $71,000. Lachapelle's withdrawals were $45,000, and Rennek's withdrawings totaled $21,000. Print Done Print Done Etext Clear all Check