Michael Lee has been operating Lee Management Consulting as a proprietorship but is planning to expand operations in the near future. In Chapter 12, Michael had considered taking on a partner, but decided not to form a partnership after all. To raise cash for future expansion, he has now decided to incorporate and create Lee Consulting Corporation. He has gone through all the legal steps to incorporate his business; as of August 1, 2016, Lee Consulting Corporation is authorized to issue an unlimited number of common shares and 50,000 $2.00 preferred shares. The Lee Management Consulting July 31, 2016, balance sheet appears below, adjusted to reflect all amounts at current market value:

Need the journal entries assets and liabitlies are followed ...assets -

CASH - $21,650

Accounts Receivable- $5,900

Inventory- $2,713

Supplies- $100

Prepaid Rent- $6,000

Equipment- 1,000

Accumulated amort Equipment - (75)

Furniture- 5,000

Accum amort- furniture- (267)

Total assets- 42,021

Liabilities and equity

Accounts Payble- 9,600

Salary Payble- 1,000

Unearned Service revenue- 1,200

Notes Payable- 0

Michael Lee ,capital- $30,221

Total liabilites and capital - $42,021

Score: 0 of 1 pt 1 of 1 (0 complete) HW Score: 0%, 0 of 1 E13-20 (book/static) Question Help Michael Lee has been operating Lee Management Consulting as a proprietorship but is planning to expand operations in the near future. To raise cash for future expansion, he has now decided to incorporate and create Lee Consulting Corporation. He has gone through all the legal steps to incorporate his business; as of July 1, 2016, Lee Consulting Corporation is authorized to issue an unlimited number of common shares and 50,000 $2.00 preferred shares. The Lee Management Consulting June 30, 2016, balance sheet appears below. All amounts in the accounting records reflect current market value. ?(Click the icon to view the balance sheet.) Required Requirement 1. Create the jourmal entry to record the incorporation of the business on July 1, 2016. To do this, you need to record each asset and liability account at their current market values. For equipment and furniture, this would be the net book value of each-there would not be any accumulated amortization accounts at the beginning of the new corporation's life. The Michael Lee, Capital balance would become the value of the 20,000 common shares Michael issues to himself. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Jul Choose from any list or enter any number in the input fields and then click Check