Partnership Opening Entries Required: Prepare the entry for (a.) Susan Woodworth's and (b.) Barbara Holly's contributions to form the Woodworth and Holly partnership as of July 1, 20--, using fair market values. The difference between assets invested and liabilities assumed should be credited to each partner's capital account. Neither partner has knowledge of any uncollectible accounts receivable. If an amount box does not require an entry, leave it blank. On July 1, 20--, Susan Woodworth and Barbara Holly combined their two businesses to form a partnership under the firm name of Woodworth and Holly. The balance sheets of the two sole proprietorships are shown below. Woodworth's Antiques Balance Sheet June 30, 20 -- Assets Liabilities Cash $7,100 Notes payable $2,500 Accounts receivable $4,500 Accounts payable 8,400 Less allowance for bad debts 620 3,880 Total liabilities $10,900 Merchandise inventory 21,430 Store equipment $8,200 Owner's Equity Less accumulated depreciation 1,300 6,900 Susan Woodworth, capital 28,410 Total assets $39,310 Total liabilities and owner's equity $39,310 Holly's Unfinished Furniture Balance Sheet June 30, 20 -- Assets Liabilities Cash $4,520 Notes payable $8,000 Accounts receivable $3,275 Accounts payable 6,300 Less allowance for bad debts 475 2,800 Total liabilities $14,300 Merchandise inventory 28,190 Supplies 960 Office equipment $7,400 Less accumulated depreciation 1,800 5,600 Store equipment $7,700 Owner's Equity Less accumulated depreciation 1,500 6,200 Barbara Holly, capital 33,970 Total assets $48,270 Total liabilities and owner's equity $48,270 The balance sheets reflect fair market values except for the following: The fair market value of Woodworth's store equipment is $7,500. The fair market values of Holly's office equipment and store equipment are $6,100 and $6,800, respectively.