WileyPLUS Problem 12 9 (Part Level Submission) 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 A Molly Partnership. Information from their separate balance sheets is presented below Mo's Models Molly's Crafts Cash $9,000 $6,300 Accounts receivable Allowance for doubtful counts 300 100 Accounts payabile 1,600 600 1.00 Accumulated depreciation equipment 100 It is agreed that the expected rette value of Mo's accounts receivable is $1,050 and Molly's receivables is 5900. The fair market value of Ho's equipment is $1,200 and Molly's equipment is $700. It is further agreed that the new partnership will babies of the proprietorships Prepare the journal entries necessary to record the formation of the partnership. (Credit account titles are automatically indented when the amount is entered. Date Account Titles and Explanation Debit Credit Apr. 8, 2021 (To record Mo's Models) Apr 8, 2021 (To record Molys Crafts) By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor