On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $16,200 cash and merchandise inventory valued at $43,700. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $109,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:

Capri's Ledger BalanceAgreed-Upon BalanceAccounts Receivable$24,800 $20,100 Allowance for Doubtful Accounts1,100 1,400 Merchandise Inventory28,800 38,600 Equipment48,600 47,100 Accumulated DepreciationEquipment16,200 Accounts Payable8,700 8,700 Notes Payable (current)5,300 5,300

The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $48,600 (Lang) and $29,600 (Capri), and the remainder equally.

Required:

1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amount box does not require an entry, leave it blank.

ACCOUNTDEBITCREDITApr. 1Accounts ReceivableCashEli Capri, CapitalNotes PayableWhitney Lang, CapitalCashfill in the blank 2fill in the blank 3 Accounts ReceivableEli Capri, CapitalMerchandise InventoryNotes PayableWhitney Lang, CapitalEli Capri, Capitalfill in the blank 5fill in the blank 6 Accounts PayableCashEli Capri, CapitalMerchandise InventoryWhitney Lang, CapitalMerchandise Inventoryfill in the blank 8fill in the blank 9 Apr. 1Accounts PayableAllowance for Doubtful AccountsCashNotes PayableWhitney Lang, Capitalfill in the blank 11fill in the blank 12 Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsNotes PayableWhitney Lang, Capitalfill in the blank 14fill in the blank 15 Accounts PayableAllowance for Doubtful AccountsMerchandise InventoryNotes PayableWhitney Lang, Capitalfill in the blank 17fill in the blank 18 Accounts PayableAllowance for Doubtful AccountsEquipmentNotes PayableWhitney Lang, Capitalfill in the blank 20fill in the blank 21 Accounts ReceivableAllowance for Doubtful AccountsCashEquipmentWhitney Lang, Capitalfill in the blank 23fill in the blank 24 Accounts PayableAccounts ReceivableCashEquipmentWhitney Lang, Capitalfill in the blank 26fill in the blank 27 Accounts ReceivableCashEquipmentNotes PayableWhitney Lang, Capitalfill in the blank 29fill in the blank 30 Accounts ReceivableCashEli Capri, CapitalEquipmentWhitney Lang, Capitalfill in the blank 32fill in the blank 33