Janice Miller operates a sole proprietorship business that sells camping equipment.On January 1,2016,Miller has agreed to transfer her assets and liabilities to a partnership that will operate The Camping Company.Miller will own a two-thirds interest in the capital of the partnership.The agreed upon values of assets and liabilities to be transferred follow.
Accounts receivable of $50,000 (of which approximately $2,000 is uncollectible)
Merchandise inventory,$90,000
Furniture and fixtures,$60,000
Accounts payable,$32,000
Record the receipt of the assets and liabilities by the partnership on page 1 of a general journal.Omit the description.

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The Answer of Janice Miller operates a sole proprietorship business that sells camping equipment.On January 1,2016,Miller has agreed to transfer her assets and liabilities to a partnership that will operate The Camping Company.Miller will own a two-thirds interest in the capital of the partnership.The agreed upon values of assets and liabilities to be transferred follow.
Accounts receivable of $50,000 (of which approximately $2,000 is uncollectible)
Merchandise inventory,$90,000
Furniture and fixtures,$60,000
Accounts payable,$32,000
Record the receipt of the assets and liabilities by the partnership on page 1 of a general journal.Omit the description.

Janice Miller Operates a Sole Proprietorship Business That Sells Camping