Which of the following statements is CORRECT? 

Group of answer choices 

Past-due accounts receivable should not be transferred from the financial records of a sole proprietorship to a newly formed partnership. 

Accumulated depreciation accounts are transferred from the financial records of a sole proprietorship to a newly formed partnership. 

The general ledger of a partnership will include a single capital account, the balance of which represents the combined equity of all the partners.

Contributions in the form of industry are recorded with a memorandum entry in the general journal.