On December 31, 2016, Dana Darrius and Lou Gardner agree to combine their sole proprietorships into a

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On December 31, 2016, Dana Darrius and Lou Gardner agree to combine their sole proprietorships into a partnership. Their balance sheets on December 31 are shown as follows.
On December 31, 2016, Dana Darrius and Lou Gardner agree

Requirements
1. Journalize the contributions of Darrius and Gardner to the partnership.
2.
Prepare the partnership balance sheet at December 31, 2016.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Horngrens Accounting

ISBN: 978-0133866889

11th edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

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