Current Attempt in Progress

The poat$-$elosing trial balances of two propriatorships on January $1,2022,$ are presented belav.

Sorsensen and Lucas decide to form a partnarship, Oriole Company, with the following agresd upan valuations for noncash assets.

All cash will be transferred to the partnarship, and the partnarship will assume all the liabilities of the two proprietorshipe.

$($a$)$

Prepare separate journal entries to record the transfar of each proprietorship's assats and liabilities to the partnership. $($Credit

account titles are automatically indented when amount is entered. Do not indent manually.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $1$