Mary Ann Mason operates a sole proprietorship business that sells craft supplies.On January 1,2016,Mason has agreed to transfer her assets and liabilities to a partnership that will operate The Craft Company.Mason will own a one-third interest in the capital of the partnership.The agreed upon values of assets and liabilities to be transferred follow.
Accounts receivable of $2,000 (of which approximately $200 is uncollectible)
Merchandise inventory,$4,000
Furniture and fixtures,$6,000
Accounts payable,$1,000
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 Mary Ann Mason operates a sole proprietorship business that sells craft supplies.On January 1,2016,Mason has agreed to transfer her assets and liabilities to a partnership that will operate The Craft Company.Mason will own a one-third interest in the capital of the partnership.The agreed upon values of assets and liabilities to be transferred follow.
Accounts receivable of $2,000 (of which approximately $200 is uncollectible)
Merchandise inventory,$4,000
Furniture and fixtures,$6,000
Accounts payable,$1,000
Record the receipt of the assets and liabilities by the partnership on page 1 of a general journal.Omit the description.

Mary Ann Mason Operates a Sole Proprietorship Business That Sells