AC116 Unit 6 Lab Assignment Question 7 of 10 < > Dr. Cr. Dr. Cr. Cash $12,000 $10,300 Accounts receivable 15,000 22,000 Allowance for doubtful accounts $2,600 $3,800 Inventory 23,000 15,800 Equipment 39,000 25,000 Accumulated depreciation-equipment 20,600 9,500 15.500 10.000 3.92/6 AC116 Unit 6 Lab Assignment Question 7 of 10 < Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital 39,000 25,000 20,600 9,500 15,500 12,900 18,900 26,700 31,400 20,200 $89,000 $89,000 $73,100 $73,100 3.92/6 AC116 Unit 6 Lab Assignment Question 7 of 10 < 3.92/6 E Sorensen and Lucas decide to form a partnership, Sheridan Company, with the following agreed upon valuations for noncash assets. Sorensen Lucas Company Company Accounts receivable $15,000 $22,000 Allowance for doubtful accounts 3,900 3,400 Inventory 24,100 17,200 AC116 Unit 6 Lab Assignment Question 7 of 10 < Allowance for doubtful accounts 3,900 3,400 Inventory 24,100 17,200 Equipment 21,500 12,900 3.92/6 All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. AC116 Unit 6 Lab Assignment Question 7 of 10 < Date Account Titles and Explanation Jan. Cash 1 Accounts Receivable Inventory Equipment Allowance for Doubtful Accounts Debit 12000 15000 24100 21500 3.92/6 Credit 3900 AC116 Unit 6 Lab Assignment Question 7 of 10 < Allowance for Doubtful Accounts Notes Payable Accounts Payable Lucas, Capital (Transfer of Lucas' assets and liabilities.) 3.92/6 3400 12900 26700 20200 AC116 Unit 6 Lab Assignment Question 7 of 10 < Jan. Cash 1 10300 Accounts Receivable 22000 Inventory Equipment Allowance for Doubtful Accounts Meter Bauable 17200 12900 3.92/6 E 3400 17000 AC116 Unit 6 Lab Assignment Question 7 of 10 < Allowance for Doubtful Accounts Notes Payable Accounts Payable Lucas, Capital (Transfer of Lucas' assets and liabilities.) 3.92/6 3400 12900 26700 20200 AC116 Unit 6 Lab Assignment Question 7 of 10 < 3.92/6 Your answer is correct. Further, it is agreed that Sorensen will invest an additional $4,300 in cash, and Lucas will invest an additional $16,300 in cash. Journalize the additional cash investment by each partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit AC116 Unit 6 Lab Assignment Question 7 of 10 < No. Account Titles and Explanation Debit Jan. 1 Cash Jan. 1 Sorensen, Capital (To record Sorensen's investment.) Cash Lucas, Capital (To record I neas' investment Y 4300 16300 3.92/6 Credit 4300 16300 AC116 Unit 6 Lab Assignment Question 7 of 10 < 3.92/6 E Prepare a classified balance sheet for the partnership on January 1, 2022. (List Current Assets in order of liquidity.) SHERIDAN COMPANY Balance Sheet Assets AC116 Unit 6 Lab Assignment Question 7 of 10 < > Assets 3.92/6 AC116 Unit 6 Lab Assignment Question 7 of 10 < 3.92/6 AC116 Unit 6 Lab Assignment Question 7 of 10 < Liabilities and Owners' Equity 3.92/6 AC116 Unit 6 Lab Assignment Question 7 of 10 < eTextbook and Media < 3.92/6 The post-ding trial balances of two proprietorships en January 1, 2022, we presented below Sermen Company Dr. Luca Company De Cash $12,000 $10,000 Accents recevable 15.000 22,000 Allowance for doubtfu $2,000 $3,000 Intory 23000 15.000 39.000 23,000 Accumulated depreciation- 2000 1500 15500 12.900 Ap Sonmental cascapital 10,900 31,400 25.200 20200 $89000 381000 173.100 $71.100 So and Lace maparship Paridan Company with the wing spe Semen Company $15,000 3300 1400 24300 21300 17200 12300 Quem Que Quection Quan Quemons Queny was/ui/v2/assessment-player/index.html?launchid stion 7 of 101 Date Account Titles and Explanation C Foxmet ADA Season Cold ar of Som's anets and tables) Debit Credit 13000 15000 24300 21500 3100 15500 23000 31400 3.92/ ades AC116 Accounting-Fx NW Assam Builder Ul Apr x NWP Assess /u/v2/assessment-player/index.html?launchid-69d532d8-4de2-4baa-b054-355197 on 7 of 10 3.92/ her, it is agreed that Sorensen will invest an additional $4.300 in cash, and Lucas will invest an additional $16.300 in cash male the additional cash investment by each partner et account titles are automatically indented when amount is enter Account Titles and Explanation Debit Credit 1 Cask (To record Sorensen's investment) an Cak Linas Caste (Tard Lantment) eTextbook and Media List of Accounts 400 14000 SHERIDAN COMPANY W 4300 Attempt 25 Grades AC116 Accounting - x NWP Assesment Balde UA X NWP Ant was/ui/v2/assessment-player/index.html?launchid-69d532d8-4de2-4baa-b054-3551973fact estion 7 of 10 Prepare actashed taleres sheet for the parship on January 1, 2022. Cunt Ainer of Sty SHERIDAN COMPANY Balance Sheet A Li and Owner Faulty 121 3.92/6 Gades AC116 Accounting-X NWP Aware Builder Ap X NWP A Pla m/washuvv2/assessment-player/index.htmi?iaunchid-69d532d8-4dc2-4baa-005-4-3551973focS Question 7 of 10 5 392/6