Mo Miller and Molly Moore operate separate hobby shops. On April 8, 2024, they decide to combine their businesses. which had been operated as proprietorships, to form Mo & Molly Partnership. Information from their separate balance sheets is presented below: Cash Accounts receivable Allowance for doubtful accounts Accounts payable Equipment Accumulated depreciation-equipment Mo's Models $7.200 1,350 (a) 270 1.125 1.800 720 Molly's Crafts $4,500 675 90 Date Account Titles and Explanation 450 900 It is agreed that the expected realizable value of Mo's accounts receivable is $900 and Molly's receivables is $450. The fair market value of Mo's equipment is $810 and Molly's equipment is $450. It is further agreed that the new partnership will assume all liabilities of the proprietorships 360 Prepare the journal entries necessary to record the formation of the partnership. (Credit account titles are automatically indented when the amount entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit

Mo Miller and Molly Moore operate separate hobby shops. On April 8, 2024, they decide to combine their businesses. which had been operated as proprietorships, to form Mo & Molly Partnership. Information from their separate balance sheets is presented below: Cash Accounts receivable Allowance for doubtful accounts Accounts payable Equipment Accumulated depreciation-equipment Mo's Models $7.200 1,350 (a) 270 1.125 1.800 720 Molly's Crafts $4,500 675 90 Date Account Titles and Explanation 450 900 It is agreed that the expected realizable value of Mo's accounts receivable is $900 and Molly's receivables is $450. The fair market value of Mo's equipment is $810 and Molly's equipment is $450. It is further agreed that the new partnership will assume all liabilities of the proprietorships 360 Prepare the journal entries necessary to record the formation of the partnership. (Credit account titles are automatically indented when the amount entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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