The post-closing trial balances of two proprietorships on March 1, 2019 are presented below: Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Depreciation-Eq. Notes Payable Accounts Payable Adam, Capital Miller, Capital Adam Company Cr. Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Dr. $8,000 32,000 43,000 27,000 $110,000 $500 9,500 10,000 18,000 72,000 $110,000 Miller Company Dr. $11,000 38,000 Adam Company $32,000 1,000 46,000 20,000 47,000 24,000 Cr. $700 Adam and Miller decide to form a partnership, A & M Company, with the following agreed upon valuations for non-cash assets: 10,300 8,000 15,000 86,000 $120,000 $120,000 Instructions: Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to A & M partnership. Miller Company $38,000 1,000 50,000 16,000 All cash will be transferred to the partnership, and the partnership will pay all the liabilities of the two proprietorships.

The post-closing trial balances of two proprietorships on March 1, 2019 are presented below: Adam and Miller decide to form a partnership, A \& M Company, with the following agreed upon valuations for non-cash assets: All cash will be transferred to the partnership, and the partnership will pay all the liabilities of the two proprietorships. Instructions: Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to A \& M partnership