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On July 1, 20-- Lisa Bush and Wally Dodge combined their two businesses to form a partnership under the firm name of Bush and Dodgo. The balance sheets of the two sole proprietorships are shown below. 1 Assets 2 Cash 1 Accounts receivable $4,200.00 Bush's Grooming & Pet Supplies Balance Shoot June 30, 20 - Liabilities 54,600.00 Notes payable Accounts payable 3.720.00 Total abilities 28,580.00 Owner's Equity 6,860.00 Lisa Bush capital 543760.00 Total liabilities and owner's equity 480.00 Less allowance for bad debts Merchandise inventory Store equipment Less accumulated depreciation 1 Total assets $9260.00 2,400.00 Wally's P World Balance Sheet June 30, 20 - Assets Labilities 2 Cash 3 Accounts receivable $3,350.00 Notes payable Accounts payable $4,150.00 250.00 3,900.00 Total labilities 27,240.00 845.00 4 Less allowance for bad debts Merchandise inventory Supplies Office equipment Less accumulated depreciation Store equipment 10 less accumulated depreciation $8,830,00 3,400.00 $9,175.00 4,250.00 5,450.00 Owner's Equity 4,925.00 Wally Dodge, capital $45,690.00 Total abilities and owner's equity 11 Total assets The balance sheets reflect fair market values except for the following: (a) The fair market value of Bush's store equipment is $7,350. () The fair market values of Dodge's office equipment and store equipment are $5,875 and $6,100, respectively. Required: Prepare the opening entry for the formation of the Bush and Dodge partnership as of July 1, 20-, using fair market values. The difference between assets invested and abilities assumed should be credited to each partner's capital account. Neither partner has knowledge of any uncollectible accounts receivable CHART OF ACCOUNTS Lisa Bush and Wally Dodge General Ledger ASSETS REVENUE 101 Cash 401 Client Fees 416 Gain on Sale of Assets EXPENSES 122 Accounts Receivable 122.1 Allowance for Bad Debts 131 Merchandise Inventory 142 Supplies 181 Store Equipment 182 Office Equipment 189 Accumulated Depreciation 511 Wages Expense 521 Rent Expense 523 Supplies Expense 533 Utilities Expense 535 Insurance Expense 541 Depreciation Expense 549 Miscellaneous Expense 616 Loss on Sale of Assets LIABILITIES 201 Notes Payable 202 Accounts Payable EQUITY 311 Lisa Bush, Capital 312 Lisa Bush, Drawing 321 Wally Dodge, Capital 322 Wally Dodge, Drawing 399 Income Summary General Journal Shaded cells have feedback Prepare the opening entry for the formation of the Bush and Dodge partnership as of July 1, 20, using for market values. The difference between assets invested and liabilities assumed should be credited to each partner's capital account. Neither partner has knowledge of any uncollecting accounts receivable General Journal Instructions How does grading work? PAGE 1 GENERAL JOURNAL Score: 155/219 DATE ACCOUNT TITLE POST. RER DEBIT CREDIT 1 Cash 4,600.00 Accounts Receivable 4,200.00 Store Equipment Allowance for Bad Debts Notes Payable Accounts Payable Lisa Bush, Capital Cash Accounts Receivable Merchandise Inventory Supplies Office Equipment Store Equipment Allowance for Bad Debts Notes Payable Accounts Payable Wally Dodge, Capital 22 18 On July 1, 20-- Lisa Bush and Wally Dodge combined their two businesses to form a partnership under the firm name of Bush and Dodgo. The balance sheets of the two sole proprietorships are shown below. 1 Assets 2 Cash 1 Accounts receivable $4,200.00 Bush's Grooming & Pet Supplies Balance Shoot June 30, 20 - Liabilities 54,600.00 Notes payable Accounts payable 3.720.00 Total abilities 28,580.00 Owner's Equity 6,860.00 Lisa Bush capital 543760.00 Total liabilities and owner's equity 480.00 Less allowance for bad debts Merchandise inventory Store equipment Less accumulated depreciation 1 Total assets $9260.00 2,400.00 Wally's P World Balance Sheet June 30, 20 - Assets Labilities 2 Cash 3 Accounts receivable $3,350.00 Notes payable Accounts payable $4,150.00 250.00 3,900.00 Total labilities 27,240.00 845.00 4 Less allowance for bad debts Merchandise inventory Supplies Office equipment Less accumulated depreciation Store equipment 10 less accumulated depreciation $8,830,00 3,400.00 $9,175.00 4,250.00 5,450.00 Owner's Equity 4,925.00 Wally Dodge, capital $45,690.00 Total abilities and owner's equity 11 Total assets The balance sheets reflect fair market values except for the following: (a) The fair market value of Bush's store equipment is $7,350. () The fair market values of Dodge's office equipment and store equipment are $5,875 and $6,100, respectively. Required: Prepare the opening entry for the formation of the Bush and Dodge partnership as of July 1, 20-, using fair market values. The difference between assets invested and abilities assumed should be credited to each partner's capital account. Neither partner has knowledge of any uncollectible accounts receivable CHART OF ACCOUNTS Lisa Bush and Wally Dodge General Ledger ASSETS REVENUE 101 Cash 401 Client Fees 416 Gain on Sale of Assets EXPENSES 122 Accounts Receivable 122.1 Allowance for Bad Debts 131 Merchandise Inventory 142 Supplies 181 Store Equipment 182 Office Equipment 189 Accumulated Depreciation 511 Wages Expense 521 Rent Expense 523 Supplies Expense 533 Utilities Expense 535 Insurance Expense 541 Depreciation Expense 549 Miscellaneous Expense 616 Loss on Sale of Assets LIABILITIES 201 Notes Payable 202 Accounts Payable EQUITY 311 Lisa Bush, Capital 312 Lisa Bush, Drawing 321 Wally Dodge, Capital 322 Wally Dodge, Drawing 399 Income Summary General Journal Shaded cells have feedback Prepare the opening entry for the formation of the Bush and Dodge partnership as of July 1, 20, using for market values. The difference between assets invested and liabilities assumed should be credited to each partner's capital account. Neither partner has knowledge of any uncollecting accounts receivable General Journal Instructions How does grading work? PAGE 1 GENERAL JOURNAL Score: 155/219 DATE ACCOUNT TITLE POST. RER DEBIT CREDIT 1 Cash 4,600.00 Accounts Receivable 4,200.00 Store Equipment Allowance for Bad Debts Notes Payable Accounts Payable Lisa Bush, Capital Cash Accounts Receivable Merchandise Inventory Supplies Office Equipment Store Equipment Allowance for Bad Debts Notes Payable Accounts Payable Wally Dodge, Capital 22 18