Carefully consider the post-closing trial balances of two
proprietorships on January 1, 2017.
S
Company
L Company
$
$
$
$
Dr.
Cr
Dr
Cr
Cash
14,000
12,000
Accounts
Receivable
17,500
26,000
Allowances for doubtful
debts
3,000
4,400
Inventory
26,500
18,400
Equipment
45,000
29,000
Accumulated
Depreciation
(Equipment)
24,000
11,000
Notes
Payable
18,000
15,000
Accounts
Payable
22,000
31,000
S
Capital
36,000
L
Capital
24,000
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