Sarah Punter operates a sole proprietorship business that sells golf equipment. In 20X1, Punter agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Punter will own a two-thirds interest in the capital of the partnership. The agreed-upon values of assets and liabilities to be transferred follow: Total accounts receivable of $128,000 will be transferred and approximately $4,800 of these accounts may be uncollectible.

Merchandise inventory		$	104,000
Furniture and fixtures		$	46,000
Accounts payable		$	18,300

Required:

Record the receipt of the assets and liabilities by the partnership in the general journal.