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Mo Taylor and Molly Jackson operate separate hobby shops. On April 8, 2024, they decide...

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Accounting

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Mo Taylor and Molly Jackson operate separate hobby shops. On April 8, 2024, they decide to combine their businesses, which had been operated as proprietorships, to form Mo \& Molly Partnarship. Information from their separate balance sheets is presented below: It is agreed that tho expected realizable value of Ms accounts receivabie is $960 and Molly's receivables is 5480 . The fair market value of Mo's equipment is $864 and Molly's equipment is $480, it is further agreed that the new partnership will assume all liabilities It is agreed that the expected realizable value of Mo's accounts receivable is $960 and Molly's recelvables is $480, The fair market value of Mo's equipment is 5864 and Molly's equipment is 5480 . It is further agreed that the new partriership will assume all liabilities of the proprietorships. (a) Prepare the journal entries necessary to record the formation of the partnership. (Credit account titles are automatically indented When the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts)

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