1. Lisa Holler and Aaron Ehrlich operate separate jewelry stores. On January 1, 2021, they decide to combine their separate businesses which were operated as proprietorships to form L & A Jewels, a partnership. Information from their separate balance sheets is presented below:

Lisa Holler Aaron Ehrlich

Cash $10,000 $14,000

Accounts receivable 12,000

Allowance for doubtful accounts 1,000

Inventory 10,000

Equipment 34,000

Accumulated depreciationequipment 4,000

Accounts Payable 6,000

It is agreed that the expected realizable value of Lisas accounts receivable is $9,000. The fair value of Aarons equipment is $27,000. It is further agreed that the fair value of Lisas inventory is $8,000. The new partnership will assume Aarons liabilities and pay them.

Instructions

Prepare the journal entries for each partners contribution for the formation of the partnership

SHOW ALL WORK (P.S. it is not the same as the others on here as the numbers are different but the names are the same)