Recording journal entries and preparation of balance

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Recording Journal Entries and preparation of balance sheet.

The post-closing trial balances of two proprietorships on January 1, 2008, are presented below.

	Free Company	Will Company
	Dr.	Cr.	Dr.	Cr.
Cash	$9,500		$6,000
Accounts receivable	15,000		23,000
Allowance for doubtful accounts		$2,500		$4,000
Merchandise inventory	28,000		17,000
Equipment	50,000		30,000
Accumulated depreciation-equipment		24,000		13,000
Notes payable		25,000
Accounts payable		20,000		37,000
Free, Capital		31,000
Will, Capital				22,000
	$102,500	$102,500	$76,000	$76,000

Free and will decide to form a partnership, Free-Will Company, with the following agreed upon valuations for noncash assets.

	Free Company	Will Company
Accounts receivable	$15,000	$23,000
Allowance for doubtful accounts	3,500	5,000
Merchandise inventory	32,000	21,000
Equipment	28,000	18,000

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