On 1/1/2018 Ahmad has his own business and his balance sheet as follows Assets Amount Liabilities & amount capital inventory 15,800 A/P 2,400 equipment 18,000 Notes payable 5,100 Accumulated (5,300) Capital 44,750 deprecation A/R 4,000 Allowance for doubtful 250) debts Lands 16,000 Furniture 4,000 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 maled pald his share in capital cash Required: Prepare journal entries 2 prepare opening balance sheet Rion 1 et ered 1 ed out of Fir a question On 1/1/2018 Ahmad has his own business and his balance sheet as follows Assets Amount Liabilities & amount capital Inventory 15,800 A/P 2,400 equipment 18,000 Notes payable 5,100 Accumulated (5,300 Capital 44,750 deprecation A/R 4,000 Allowance for doubtful 250) debts Lands 16,000 Furniture 4,000 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 llabilities and paid the balance cash Assets falr 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