Question
Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in
Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopats investment in the partnership consists of $11,000 in cash, and the following assets of the proprietorship: accounts receivable $14,200 less allowance for doubtful accounts of $1,500, and equipment $19,200 less accumulated depreciation of $4,500. It is agreed that the allowance for doubtful accounts should be $2,250 for the partnership. The fair value of the equipment is $12,500. Journalize Vopats admission to the firm of Vopat and Sigma. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Jan. 1 | enter a debit amount | enter a credit amount | |
enter a debit amount | enter a credit amount | ||
enter a debit amount | enter a credit amount | ||
enter a debit amount | enter a credit amount | ||
enter a debit amount | enter a credit amount |
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