Suzy Moore has owned and operated a proprietorship for several years. On January 1, she decides...
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Suzy Moore has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Moore and Anderson. Moore's investment in the partnership consists of $10,560 in cash and the following assets of the proprietorship: accounts receivable $12,320 less allowance for doubtful accounts of $1,760, and equipment $26,400 less accumulated depreciation of $3,520. It is agreed that the allowance for doubtful accounts should be $2.640 for the partnership. The fair value of the equipment is $20,680. Journalize Moore's admission to the firm of Moore and Anderson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles Debit Credit Jan. 1 Suzy Moore has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Moore and Anderson. Moore's investment in the partnership consists of $10,560 in cash and the following assets of the proprietorship: accounts receivable $12,320 less allowance for doubtful accounts of $1,760, and equipment $26,400 less accumulated depreciation of $3,520. It is agreed that the allowance for doubtful accounts should be $2.640 for the partnership. The fair value of the equipment is $20,680. Journalize Moore's admission to the firm of Moore and Anderson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles Debit Credit Jan. 1
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Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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