Prepare separate journal entries to record the transfer of wach proprietorship's assets and liabilites to the partnership on January 1.

signment CALCULATOR FULL SCREEN ES Dr. dy Problem 12-2A (Part Level Submission) The trial balances of two proprietorships on January 1, 2014, follow: Domic Company Cr. Cash $9,600 Accounts receivable 13,000 Allowance for doubtful accounts $3,210 Merchandise inventory 11,300 Equipment 41,300 Accumulated depreciation-equipment 25,200 Accounts payable 10,500 1. Domic, capital 36,290 P. Dasilva, capital $75,200 $75,200 Dasilva Company Dr. Cr. $10,500 24,600 $5,220 15.300 33,100 13,500 33,909 30,880 $83.500 583,500 Domic and Dasilva decide to form a partnership on January 1 and agree on the following valuations for the noncash assets that they are each contributing: Accounts receivable-net realizable value Merchandise inventory Equipment Domic $8,390 13,740 17,920 Dasilva $21,490 12,570 16,250 Domic and Dasilva decide to form a partnership on January 1 and wree on the following valuations for the moncah sets that they are each contributing Domic Dasilva Accounts receivatie-net wizable value $8,390 $21,490 Merchandise inventory 13,740 12,50 Equipment 17.920 16.250 All of the tots in each of the proprietorships will be transferred to the partnership. The partnership will also assume all the liabilities of the two proprietorships Domic and Dasilvaresis agreed that Dasilva wil invest the amount of cash required so the investments in the partnership are equal (a) your answers partially correct. Try again TOUNES CO. O motoren Date Account Titles and Explanation Debit Credit Jan. 1 Cash 9,600 B2 Accounts Receivable 13,000 Merchandise Inventory 13,740 Equipment 17,920 Accounts Payable 10,500 Allowance for Doubtful Accounts 3,210 36,290 1. Domic, Capital (To record transfer assets and liabilities of Domic Company.) Jan. 15 Cash 10,500 Accounts Receivable 24,600 Merchandise Inventory 12,570 ment CA Allowance for Doubtful Accounts 3,210 36,290 1. Domic, Capital (To record transfer assets and liabilities of Domic Company) Jan. Cash 10,500 Accounts Receivable 24,600 Merchandise Inventory 12,570 Equipment 16,250 Accounts Payable 33,900 Allowance for Doubtful Accounts 5,220 30,880 P. Dasilva, Capital (To record transfer assets and liabilities of Dasilva Company.) Click if you would like to Show Work for this question: Open Show Work