Sadie Palmer operates a sole proprietorship business that sells golf equipment In 2016, Palmer agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop Palmer will own a two thirds interest in the capital of the partnership The agreed upon values of assets and ...

GENERAL JOURNAL PAGE a DATE DESCRIPTION POST REF DEBIT CREDIT 1 2016 Accounts Receivable 130 0 0 ...

Sadie Palmer operates a sole proprietorship business that sells golf equipment. In 2016, Palmer agrees to transfer

Question:

Sadie Palmer operates a sole proprietorship business that sells golf equipment. In 2016, Palmer agrees to transfer her assets and liabilities to a that will operate The Golf Shop. Palmer will own a two-thirds interest in the capital of the The agreed upon values of assets and liabilities to be transferred follow:
Total of $130,000 will be transferred and approximately $5,000 of these accounts may be uncollectible
Merchandise inventory, $106,000
Furniture and fixtures, $48,000
Accounts payable, $18,500
Record the receipt of the assets and liabilities by the in the general journal.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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...