Problem 12-01A a-c (Part Level Submission) (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below.

Sorensen Company Lucas Company 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

Notes payable 15,500 12,900

Accounts payable 18,900 26,700

Sorensen, capital 31,400

Lucas, capital 20,200 $89,000 $89,000 $73,100 $73,100

Sorensen and Lucas decide to form a partnership, Sheridan Company, with the following agreed upon valuations for noncash assets.

Sorensen Company Lucas Company

Accounts receivable $15,000 $22,000

Allowance for doubtful accounts 3,900 3,400

Inventory 24,100 17,200

Equipment 21,500 12,900

(a) Prepare separate journal entries to record the transfer of each proprietorships assets 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 select an account title to record the transfer of Sorensen's assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Sorensen's assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Sorensen's assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Sorensen's assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Sorensen's assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Sorensen's assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Sorensen's assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Sorensen's assets and liabilities on January 1 enter a debit amount enter a credit amount (Transfer of Sorensen's assets and liabilities.) Jan. 1 select an account title to record the transfer of Lucas' assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Lucas' assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Lucas' assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Lucas' assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Lucas' assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Lucas' assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Lucas' assets and liabilities on January 1 enter a debit amount enter a credit amount select an account title to record the transfer of Lucas' assets and liabilities on January 1 enter a debit amount enter a credit amount (Transfer of Lucas' assets and liabilities.)