Required:

Journalize the entries to record the investments of Suarez and Fritz in the

partnership accounts.

Prepare a balance sheet as of October $1,20$Y$8,$ the date of formation of the partnership of Suarez and Fritz.

After adjustments at September $30,20Y9,$ the end of the first full year of operations, the revenues were $$675,000$ and expenses were $$415,000,$ for a net income of $$260,000.$ The drawing accounts have debit balances of $$45,000($Suarez$)$ and $$60,000($Fritz$).$ Journalize the entries to close the revenues and expenses and the drawing accounts at September $30,20$ Y $9.$

On October $1,20$Y$8,$ Jacinto Suarez and Tricia Fritz form a partnership. Suarez agrees to invest $$25,000$ in cash and inventory valued at $$60,000.$ Fritz invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring Fritz's total capital to $$100,000.$ Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:

$\backslash$table$[[,\backslash$table$[[$Fritz$\text{'}$s Ledger$],[$Balance$]],\backslash$table$[[$Agreed$-$Upon$],[$Valuation$]]],[$Accounts Receivable,$$44,000,$$$40,000$