Janice Miller operates a sole proprietorship business that sells camping equipment. On January 1, 2013, 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, 2013, 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