Current Attempt in Progress Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopat's investment in the partnership consists of $ 11,300 in cash, and the following assets of the proprietorship: accounts receivable $ 14,000 less allowance for doubtful accounts of $ 2,000, and equipment $ 19,900 less accumulated depreciation of $3,700. It is agreed that the allowance for doubtful accounts should be $ 3,000 for the partnership. The fair value of the equipment is $ 12,500. Journalize Vopat's admission to the firm of Vopat and Sigma. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Ernlanation Debit Credit
Current Attempt in Progress Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Vopat and Sigma. Vopat's investment in the partnership consists of $ 11,300 in cash, and the following assets of the proprietorship: accounts receivable $ 14,000 less allowance for doubtful accounts of $ 2,000, and equipment $ 19,900 less accumulated depreciation of $3,700. It is agreed that the allowance for doubtful accounts should be $ 3,000 for the partnership. The fair value of the equipment is $ 12,500. Journalize Vopat's admission to the firm of Vopat and Sigma. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Ernlanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and
become a partner in the firm of Vopat and Sigma. Vopat's investment in the partnership consists of $ 11,300 in cash, and the following
assets of the proprietorship: accounts receivable $ 14,000 less allowance for doubtful accounts of $ 2,000, and equipment $
19,900 less accumulated depreciation of $ 3,700. It is agreed that the allowance for doubtful accounts should be $ 3,000 for the
partnership. The fair value of the equipment is $ 12,500.
Journalize Vopat's admission to the firm of Vopat and Sigma. (Credit account titles are automatically indented when amount is entered, Do
not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Jan. 1
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