Janice Miller operates a sole proprietorship business that sells camping equipment. On January 1, 2019, 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 are as follows:
Accounts receivable of $52,000 (of which approximately $2,500 is estimated to be uncollectible)
Merchandise inventory, $110,000
Furniture and fixtures, $55,000
Accounts payable, $38,000
Record the receipt of the assets and liabilities by the partnership on page 1 of a general journal. Om the description.

Question

Janice Miller operates a sole proprietorship business that sells camping equipment. On January 1, 2019, 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 are as follows:
Accounts receivable of $52,000 (of which approximately $2,500 is estimated to be uncollectible)
Merchandise inventory, $110,000
Furniture and fixtures, $55,000 
Accounts payable, $38,000
Record the receipt of the assets and liabilities by the partnership on page 1 of a general journal. Om the description.

Quizplus · Accepted Answer

The Answer of Janice Miller operates a sole proprietorship business that sells camping equipment. On January 1, 2019, 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 are as follows:
Accounts receivable of $52,000 (of which approximately $2,500 is estimated to be uncollectible)
Merchandise inventory, $110,000
Furniture and fixtures, $55,000 
Accounts payable, $38,000
Record the receipt of the assets and liabilities by the partnership on page 1 of a general journal. Om the description.

Janice Miller Operates a Sole Proprietorship Business That Sells Camping