**Educational Website Content: Journalizing Partnership Contributions**On December 31, 2024, Denis and Gamber agreed to combine their sole proprietorships into a partnership. Their respective balance sheets on this date are presented as follows:**Instructions:**1. Journalize the contributions of Denis and Gamber to the partnership.2. Prepare the partnership balance sheet as of December 31, 2024.**Journal Entry Requirement:**- **Date:** December 31- **Purpose:** Journalize the contribution of Denis.**Data Table:****Assets:**- **Cash:** - Denis's Business: Book Value: $17,000 | Current Market Value: $17,000 - Gamber's Business: Book Value: $5,000 | Current Market Value: $5,000 - **Accounts Receivable:** - Denis's Business: Book Value: $27,000 | Current Market Value: $25,000 - Gamber's Business: Book Value: $8,000 | Current Market Value: $6,000- **Merchandise Inventory:** - Denis's Business: Book Value: $57,000 | Current Market Value: $51,000 - Gamber's Business: Book Value: $32,000 | Current Market Value: $32,000- **Plant Assets, Net:** - Denis's Business: Book Value: $122,000 | Current Market Value: $104,000 - Gamber's Business: Book Value: $52,000 | Current Market Value: $56,000- **Total Assets:** - Denis's Business: Book Value: $223,000 | Current Market Value: $197,000 - Gamber's Business: Book Value: $97,000 | Current Market Value: $99,000**Liabilities and Owner's Equity:**- **Accounts Payable:** - Denis's Business: Book Value: $31,000 | Current Market Value: $31,000 - Gamber's Business: Book Value: $10,000 | Current Market Value: $10,000- **Other Accrued Payables:** - Denis's Business: Book Value: $11,000 | Current Market Value: $11,000- **Notes Payable:** - Denis's Business: Book Value: $57

A journal entry is a record of a commercial transaction in organization's accounting system. When a company buys goods using cash, example, the transaction will appear in both supply and cash accounts.Requirement 1 : Journal Entries Date Particulars Debit Credit Dec 31. Cash $17,000 Accounts receivable $17,000 Merchandise Inventory $45,000 Plant assets $99,000 Accounts payable $20,000 Other accured payable $14,000 Notes payable $58,000 Denis capital (17,000+17,000+45,000+99,000-20,000-14,000-58,000) $86,000 (To record for contribution by Denis for partnership) Dec 31 Cash $6,000 Accounts receivable $13,000 Merchandise Inventory $34,000 Plant assets $52,000 Accounts payable $15,000 Gamber capital (6,000+13,000+34,000+52,000-15,000) $90,000 $90,000 (To record for contribution by Gamber for partnership)

Business

Accounting

On December 31, 2024, Denis and Gamber agree to combine their sole proprietorships into a partnership. Their balance sheets on D E (Click the icon to view the balance sheets.) Read the requirements. Requirement 1. Journalize the contributions of Denis and Gamber to the partnership. (Record debits first, then, credits. Select expla Journalize the contribution of Denis. Date Accounts and Explanation Debit Data table Credit Dec. 31 Assets Cash

On December 31, 2024, Denis and Gamber agree to combine their sole proprietorships into a partnership. Their balance sheets on D E (Click the icon to view the balance sheets.) Read the requirements. Requirement 1. Journalize the contributions of Denis and Gamber to the partnership. (Record debits first, then, credits. Select expla Journalize the contribution of Denis. Date Accounts and Explanation Debit Data table Credit Dec. 31 Assets Cash

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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