Jill and Sue Decide to Form the JS Partnership Net Accounts

question 143

Essay

Jill and Sue decide to form the JS Partnership.On February 1,2014,they combine their assets except for the land with the following current market values and book values:
$\begin{array}{c}&&&&&&\text {Jill's assets}&&&\text {Sue's assets}\\\end{array}\\\begin{array}{llll}&\text { Book } & \text { Market } & \text { Book } & \text { Market } \\&\text { value } & \text { value } & \text { value } & \text { value }\\\text { Cash }&\$40,000&\$40,000&\$50,000&\$50,000\end{array}$ Net accounts
$\begin{array}{lllll}\text { receivable } & 39,500 & 37,000 & 28,000 & 27,000 \\\text { Inventory } & 69,000 & 75,000 & 55,000 & 72,000 \\\text { Land } & 50,000 & 85,000 & 75,000 & 90,000 \\\text { Equipment } & 80,000 & 70,000 & 90,000 & 75,000\end{array}$ Accumulated
$$\begin{array} { l l l l l } \text { amortization } & 25,000 & - - - & 30,000 & - - - \\\text { Accounts payable } & 28,000 & 28,000 & - - - & - - -\\\text { Notes payable } & - - - - & - - - & 10,000 & 10,000\end{array}$$ Journalize the entries on February 1,2014,to record the partners' initial investments.

Recognize the importance of maintaining confidentiality of client information and the procedures to ensure it.

Identify the steps involved in opening, managing, and closing client files in a law firm.

Comprehend the professional obligations of a paralegal in handling client information and documents.

Understand the procedures for proper document management, including filing, storing, and disposing of legal documents.

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Definitions:

Early Selection

A theory in attention that suggests stimuli are filtered or selected to be attended to at an early stage of processing, based on physical characteristics.

Sensory Memory

The shortest-term element of memory, which stores sensory impressions for a very brief period, allowing us to experience the world as a continuous stream.

Task Simplicity

Refers to the degree to which a task or activity is straightforward and uncomplicated, requiring a minimal cognitive load or effort to complete.

Tip-of-the-Tongue Phenomenon

A common cognitive experience where a person is unable to fully recall a familiar word or name, despite feeling that retrieval is imminent.