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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