# This course) Oestion 1 Not vel wered 15 rout inschatten Po question on 1/1/2018 Ahmad has his own business and his balance sheet foflow Assos AIRE is amount kapital inventory 1,100 A/ 12, 100 equipment 11,000 Notes payable 5,100 Accumulated KO) capital 750 Heprecation NR 1,000 Allowance for doubtl (90) Klebs Timelet 12 linds 10,000 Furniture 1,000 152,250 152,250 on the same date agree with Majed to establish the partnership with total capital $100,000 divided equally between them Ahmed agree to transfer the following assets and liabilities and paid the balance cash Assets fair value Inventory 1 1,500 Equipment 11,000 Lands 19,000 AR 3,000 A/P 1,900 N/P 5,100 And agree maled paid his share in capital cash Required 1 Prepare journal entries prepare opening balance sheet 1 1