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Recording Journal Entries and preparation of balance sheet.
The post-closing trial balances of two proprietorships on January 1, 2008, are presented below.
Free Company
Will Company
Dr.
Cr.
Cash
$9,500
$6,000
Accounts receivable
15,000
23,000
Allowance for doubtful accounts
$2,500
$4,000
Merchandise inventory
28,000
17,000
Equipment
50,000
30,000
Accumulated depreciation-equipment
24,000
13,000
Notes payable
25,000
Accounts payable
20,000
37,000
Free, Capital
31,000
Will, Capital
22,000
$102,500
$76,000
Free and will decide to form a partnership, Free-Will Company, with the following agreed upon valuations for noncash assets.
$15,000
$23,000
3,500
5,000
32,000
21,000
18,000
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