On 1/1/2018 Ahmad has his own business and his balance sheet as follows

amount	Liabilities & capital	Amount	Assets
2,400	A/P	15,800	inventory
5,100	Notes payable	18,000	equipment
44,750	Capital	(5,300)	Accumulated deprecation
		4,000	A/R
		( 250)	Allowance for doubtful debts
		16,000	Lands
		4,000	Furniture
52,250		52,250

On the same date agree with Majed to establish the partnership with total capital $100,000 divided equally between them

Ahmed agree to transfer the following assets and liabilities and paid the balance cash

Assets fair value

Inventory 14,500

Equipment 14,000

Lands 19,000

A/R 3,000

A/P 1,900

N/P 5,100

And agree majed paid his share in capital cash

Required:

1- Prepare journal entries

2- prepare opening balance sheet