napter 12 Test Calculator Print item Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally, Kris Mays is to be admitted to the partnership on September 1 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 August 31, except for the following: 1. Accounts receivable amounting to $2,200 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts 2. Merchandise Inventory is to be valued at $57,200. 3. Equipment is to be valued at $131,100. b. Mays is to purchase $54,000 of the ownership interest of Estrada for $59,000 cash and to contribute another $29,000 cash to the partnership for a total ownership equity of $83,000. The post-closing trial balance of Caldwell and Estrada as of August 31 is as follows: Caldwell and Estrada Post-Closing Trial Balance August 31, 2019 Debit Credit Balances Balances 5,700 34,800 Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Equipment 53,500 1,900 Check My Work used (Previous Next el 12 est Calculator Print Item Required: 1. Journalize the entries as of August 31 to record the revaluations, using a temporary account entitled Asset Revaluations. Debits and credits to the Asset Revaluation account are losses and gains from revaluation, respectively. The balance in the accumulated depreciation account is to be eliminated. After journalizing the revaluations, dose the balance of the asset revaluations account to the capital accounts of Brian Caldwell and Adriana Estrada. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 31-Accounts Receivable Asset Revaluations Accounts Receivable Allowance for Doubtful Accounts Aug 31 Merchandsventory Merchandise Inventory Accumulated Depreciation Aug 31-Equipment Asset Revations Aug 11 Close Brian Caldwell, Capital 1 Check My Work used Previous Next > Chapter 12 Test Print rem Calculator Asset Revaluations 26,200 Asset Revaluations Aug. 31-Close Brian Caldwell, Capital Adriana Estrada, Capital 2. Journalize the additional entries to record Mays's entrance to the partnership on September 1, 2019. Adriana Estrada, Capital September 1-purchase Kris Mays, Capital September 1-contribution Cash Kris Mays, Capital 29.000 3. Present a balance sheet for the new partnership as of September 1, 2049. Caldwell, Estrada, and Mays Balance Sheet September 1, 2019 1 Check My Work used 3. Present a balance sheet for the new partnership as of September 1, 2009. Caldwell, Estrada, and Mays Balance Sheet September 1, 2079 Current assets: Cash Accounts Receivable Less Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Total current assets Property, plant, and equipment: Equipment Total assets 1 Check My Work used 12 Calculator Print Item Property, plant, and equipment: Equipment Goy Total assets Current abilities: Accounts Payable Notes Payable Total liabilities Partners Equity 10000 Brian Caldwell, Capital Adriana Estrada, Capital Kris Mays, Capital Total partners' equity Total abilities and partners' equity 1 Check My Work used Type here to search O H AL A L napter 12 Test Calculator Print item Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally, Kris Mays is to be admitted to the partnership on September 1 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 August 31, except for the following: 1. Accounts receivable amounting to $2,200 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts 2. Merchandise Inventory is to be valued at $57,200. 3. Equipment is to be valued at $131,100. b. Mays is to purchase $54,000 of the ownership interest of Estrada for $59,000 cash and to contribute another $29,000 cash to the partnership for a total ownership equity of $83,000. The post-closing trial balance of Caldwell and Estrada as of August 31 is as follows: Caldwell and Estrada Post-Closing Trial Balance August 31, 2019 Debit Credit Balances Balances 5,700 34,800 Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Equipment 53,500 1,900 Check My Work used (Previous Next el 12 est Calculator Print Item Required: 1. Journalize the entries as of August 31 to record the revaluations, using a temporary account entitled Asset Revaluations. Debits and credits to the Asset Revaluation account are losses and gains from revaluation, respectively. The balance in the accumulated depreciation account is to be eliminated. After journalizing the revaluations, dose the balance of the asset revaluations account to the capital accounts of Brian Caldwell and Adriana Estrada. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug. 31-Accounts Receivable Asset Revaluations Accounts Receivable Allowance for Doubtful Accounts Aug 31 Merchandsventory Merchandise Inventory Accumulated Depreciation Aug 31-Equipment Asset Revations Aug 11 Close Brian Caldwell, Capital 1 Check My Work used Previous Next > Chapter 12 Test Print rem Calculator Asset Revaluations 26,200 Asset Revaluations Aug. 31-Close Brian Caldwell, Capital Adriana Estrada, Capital 2. Journalize the additional entries to record Mays's entrance to the partnership on September 1, 2019. Adriana Estrada, Capital September 1-purchase Kris Mays, Capital September 1-contribution Cash Kris Mays, Capital 29.000 3. Present a balance sheet for the new partnership as of September 1, 2049. Caldwell, Estrada, and Mays Balance Sheet September 1, 2019 1 Check My Work used 3. Present a balance sheet for the new partnership as of September 1, 2009. Caldwell, Estrada, and Mays Balance Sheet September 1, 2079 Current assets: Cash Accounts Receivable Less Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Total current assets Property, plant, and equipment: Equipment Total assets 1 Check My Work used 12 Calculator Print Item Property, plant, and equipment: Equipment Goy Total assets Current abilities: Accounts Payable Notes Payable Total liabilities Partners Equity 10000 Brian Caldwell, Capital Adriana Estrada, Capital Kris Mays, Capital Total partners' equity Total abilities and partners' equity 1 Check My Work used Type here to search O H AL A L