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    Argosy University/ Phoniex University/
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Category > Accounting Posted 13 Jul 2017 My Price 8.00

post-closing trial balances

The post-closing trial balances of two proprietorships on January 1, 2012, are presented below.


Williams and Jones decide to form a partnership, Wijo Company, with the following agreed upon valuations for non-cash assets.


All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Further, it is agreed that Williams will invest an additional $5,000 in cash, and Jones will invest an additional $19,000 in cash.
Instructions
(a) Prepare separate journal entries to record the transfer of each proprietorship’s assets and liabilities to the partnership.
(b) Journalize the additional cash investment by each partner.
(c) Prepare a classified balance sheet for the partnership on January 1,2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jul 2017 07:07 AM My Price 8.00

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