Question: please answer in the same sequence as the picture :) Mo Mulder and Molly Munchkin operate separate hobby shops. On April 8, 2021, they decide

Mo Mulder and Molly Munchkin operate separate hobby shops. On April 8, 2021, they decide to combine their businesses, which had been operated as proprietorships, to form Mo & Molly Partnership. Information from their separate balance sheets is presented below: Mo's Models Molly's Crafts Cash $7,000 $6,500 Accounts receivable 1,700 1,150 Allowance for doubtful accounts 300 100 Accounts payable 1,350 500 Equipment 2,100 1,000 Accumulated depreciation - equipment 700 400 It is agreed that the expected realizable value of Mo's accounts receivable is $950 and Molly's receivables is $900. The fair market value of Mo's equipment is $1,000 and Molly's equipment is $700. It is further agreed that the new partnership will assume all liabilities of the proprietorships. (a) Prepare the journal entries necessary to record the formation of the partnership. (Credit account titles are auta amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit Apr. 8, 2021 (To record Mo's Models) Apr 8, 2021 (To record Molly's Crafts)
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