Requirement 1.1 pee vacessary entries to adjust the book of Jacklyn. es Dt cm Allowance for cite Account 4 6 Seed Sous tapitan zone AY Focciyns capita) 3,260 pice fesse ee Gata oe eines cea wie ieee Prepare ncesar eis toast the bok of Kenneth a cot a) kenneth i capital is}900 seer areca : pee [a tnvenvory 50 : aeecaeel DS Paar ee Kenneth, cap ta) Lia geen 109, omer _Acsets me8 Rae ase pilibus payable 35,0i e (On the date of formation, prepare a Statement of Financial Position for Jacklyn and Kenneth’ partnership. ‘and K Builders ‘Statement of Financial Position January 1, 2016 cash 38,560 | drcounts Receivables (net 241,600 Snveniori B4sc0e Eucnitum > Fixture (net) Nooo | Equip: (nee 1255.08 piand 400,000 lotr Agere ee a tora Assets Ald, 09 0. | colanes paycbi. 4s.000, Ubuistie eayabl nb O fibccounts foyabie a Taciiyn, capital 944,500 accel Kenneth, capt) aptal_trabilitics and capital sea (y eile eee meee Hazel operates a successful merchandising busine Cash 60,000.00 ‘Accounts Receivable 120,000.00 ‘Merchandise Inventory 180,000.00 Store furniture (net) 70,000.00 Total Assets 430,000.00 ‘Accounts Payable 195,000.00 ‘Accrued Expenses 15,000.00 Hazel, capital 320,000.00 Total Assets| 430,000.00 with her fiend Angel. Hazel will contribute her business subject tothe following adjustments: accounts must be set up at 2% of the outstanding accounts receivable. ‘Angel contribute to give her a 40% interest in the partnership? (3 points) * = I2S,o¢O gI2,~0°o X F070 ae