Lelime and Rollin formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lelime 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.) (Click the icon to view additional information.) Read the requirements. i Data Table - X Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select the explana Begin by journalizing the contribution made by Lelime. Lelime's Business A More Info - X Book Value Current Market Value Accounts Receivable $ $ 10,700 37,000 On March 15, Rollin contributed cash in an amount equal to the current market value of Lelime's partnership capital. The partners decided that Lelime will earn 60% of partnership profits because she will manage the business. Rollin agreed to accept 40% of the profits. During the period ended December 31, the partnership earned net income of $77,000. Lelime's withdrawals were $45,000, and Rollin's withdrawings totaled $25,000. 3,100 12,200 42,000 3,300 39,000 (27,000) Merchandise Inventory Prepaid Expenses Store Equipment, Net Accounts Payable 26,000 (27,000) Print Done NO Date Accounts and Explanation Debit Credit Print Done Mar. 15 Choose from any list or enter any number in the input fields and then continue to the next question. Lelime and Rollin formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lelime 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.) (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 Lelime. Date Accounts and Explanation Debit Credit Mar. 15 Now journalize the contribution made by Rollin. Date Accounts and Explanation Debit Credit Mar. 15 Choose from any list or enter any number in the input fields and then continue to the next question. Lelime and Rollin formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lelime contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: B Click the icon to view the book and market values of the sole proprietorship.) (Click the icon to view additional information.) Read the requirements. Requirement 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Lelime and Rollin Balance Sheet March 15, 2018 Assets Liabilities Partners' Equity Total Partners' Equity Total Assets Total Liabilities and Partners' Equity Requirement 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. (Prepare compound entries. Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by closing the Income Summary account on December 31 Choose from any list or enter any number in the input fields and then continue to the next question. Lelime and Rollin formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lelime 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.) (Click the icon to view additional information.) Read the requirements. Requirement 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. (Prepare compound entries. Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by closing the Income Summary account on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Now journalize the closing of the partner Withdrawal accounts on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Lelime and Rollin formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lelime 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.) (Click the icon to view additional information.) Read the requirements. i Data Table - X Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select the explana Begin by journalizing the contribution made by Lelime. Lelime's Business A More Info - X Book Value Current Market Value Accounts Receivable $ $ 10,700 37,000 On March 15, Rollin contributed cash in an amount equal to the current market value of Lelime's partnership capital. The partners decided that Lelime will earn 60% of partnership profits because she will manage the business. Rollin agreed to accept 40% of the profits. During the period ended December 31, the partnership earned net income of $77,000. Lelime's withdrawals were $45,000, and Rollin's withdrawings totaled $25,000. 3,100 12,200 42,000 3,300 39,000 (27,000) Merchandise Inventory Prepaid Expenses Store Equipment, Net Accounts Payable 26,000 (27,000) Print Done NO Date Accounts and Explanation Debit Credit Print Done Mar. 15 Choose from any list or enter any number in the input fields and then continue to the next question. Lelime and Rollin formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lelime 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.) (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 Lelime. Date Accounts and Explanation Debit Credit Mar. 15 Now journalize the contribution made by Rollin. Date Accounts and Explanation Debit Credit Mar. 15 Choose from any list or enter any number in the input fields and then continue to the next question. Lelime and Rollin formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lelime contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: B Click the icon to view the book and market values of the sole proprietorship.) (Click the icon to view additional information.) Read the requirements. Requirement 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Lelime and Rollin Balance Sheet March 15, 2018 Assets Liabilities Partners' Equity Total Partners' Equity Total Assets Total Liabilities and Partners' Equity Requirement 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. (Prepare compound entries. Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by closing the Income Summary account on December 31 Choose from any list or enter any number in the input fields and then continue to the next question. Lelime and Rollin formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lelime 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.) (Click the icon to view additional information.) Read the requirements. Requirement 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. (Prepare compound entries. Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by closing the Income Summary account on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Now journalize the closing of the partner Withdrawal accounts on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next