View Policies Current Attempt in Progress The post-closing trial balances of two proprietorships on January 1, 2022, are presented below. Sorensen Company Lucas Company Dr. Cr. - Cr. Cash $12,000 $10,100 Accounts receivable 14,500 22.000 Allowance for doubtful accounts $2.500 $3,700 ventory 22,500 15.500 Equipment 38,000 24,000 Accumulated depreciation-equipment 20,200 9,20 Notes payable 15,100 12.600 Accounts payable 18 500 26,000 Sorensen, capital 30.70 Lucas, capital 20,100 $87,000 $87.000 $71,600 $71.600 Sorensen and Lucas dec Sorensen Company Lucas Company Accounts receivable $14,500 $22,000 Allowance for doubtful accounts 3.800 3,400 niventory 23,500 16,800 Equipment 21.000 12,600 All cash will be transferred to the partner me all the liabilities of the two proprietorships. (a te journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (Credit acco Date Account Titles and Explanation Debit Credit Jan. 1 (Transfer of Sorensen's assets and liabilities.) Jan. 1 (Transfer of Lucas' assets and liabilities.) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Further, it is agreed that Sorensen will invest an additional $4,200 in cash, and Lucas will invest an additional $16,000 in cash. Jo entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Jan. 1