P12-1A The post-closing trial balances of two proprietorships on January 1, 2012, arc pre- sented below. Williams Company Jones Company Dr. Cr. Dr. Cr. Cash $ 14,000 $12,000 Accounts receivable 17,500 26,000 Allowance for doubtful accounts $3,000 $ 4,400 Inventory 26,500 18,400 Equipment 45,000 29,000 Accumulated depreciation-equipment 24,000 11,000 Notes payable 18,000 15,000 Accounts payable 22.000 31,000 Williams, capital 36,000 Jones, capital 24,000 $103.000 $103,000 $85,400 $85,400 Williams and Jones decide to form a partnership. Wijo Company, with the following agreed upon valuations for noncash assets. Williams Company Jones Company Accounts receivable $17.500 $26,000 Allowance for doubtful accounts 4.500 4,000 Inventory 28,000 20,000 Equipment 23,000 16,000 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Further, it is agreed that Williams will invest an additional $5,000 in cash, and Jones will invest an additional $19.000 in cash. Instructions (a) Prepare separate journal entries to record the transfer of cach proprietorship's assets and liabilities to the partnership (b) Journalize the additional cash investment by cach partner (c) Prepare a classified balance sheet for the partnership on January 1, 2012