2. tach partner witharew $24U each week in anticipation of partnersnip prontits. 7. The partnership's inventory at December 31,207, was $20,500. 8. The partners allocated the net income for 207 and closed the accounts. Additional Information On January 1,208, the partnership decided to admit Hill to the partnership. On that date. Hill invested $11,760 partnership for a 20 percent capital interest. Total partnership capital after Hill was admitted totaled $464,000. Required: a1. Prepare journal entries to record the formation of the partnership on January 1,20X7. a2. Prepare journal entries to record the events that occurred during 207 including closing entries. b. Prepare the income statement for the Jordan-ONeal Partnership for the year ended December 31,207. c. Prepare a balance sheet for the Jordan-ONeal Partnership at December 31, 20X7. d. Prepare the journal entry for the admission of Hill on January 1, 20X8. Complete this question by entering your answers in the tabs below. Prepare the income statement for the Jordan-ONeal Partnership for the year ended December 31, 20x7. 156 The partnership of Jorden and ONeal began business on January 1, 20X7. Each partner contributed the following assets (the noncash assets are stated at their fair values on January 1,207 ) The land was subject to o $51,200 mortgage, which the partnership assumed on January 1, 20X7. The equipment was subject to an instaliment note payable that had an unpaid principal amount of $21,700 on January 1,20X7. The partnership also assumed this note payable. Jordon and O'Neal agreed to share partnership income and losses in the following manner: During 20X7, the following events occurred: 1. Inventory was acquired at a cost of $30,600. At December 31,20X7, the partnership owed $7,800 to its suppliers. 2. Principal of $6,200 was paid on the mortgsge. Interest expense incurred on the mortgage was $2,200, all of which was paid by December 31,207. December 31,207. 2. Principal of $3,600 was paid on the instaliment note. Interest expense incurred on the instaliment note was $2,200, all of which was paid by December 31,207. Sales on account amounted to $162,000. At December 31, 20X7, customers owed the partnership $21,200. Selling and general expenses, excluding depreciation, amounted to $34,700. At December 31,207, the partnership owed $6,400 of accrued expenses. Depreciation expense was $6,700. Each parther withdrew $240 each week in anticipation of partnership profits. 7. The partnership's inventory at December 31,207, was $20,500. The partners allocated the net income for 207 and closed the occounts. Additional Information On January 1,20x8, the partnership decided to admit Hill to the portnership. On that date. Hill invested $11,760 of cash into the portnership for a 20 percent capital interest. Total partnership capital after Hill was admilted totaled $464,000. Required: a1. Prepare journal entries to record the formation of the partnership on January 1,20X7. 2. Prepare journal entries to record the events that occurred during 207 including closing entries. b. Prepare the income statement for the Jordan-ONeal Partnership for the year ended December 31,20X7. c. Prepare a balance sheet for the Jordan-ONeal Partnership at December 31, 20X7. d. Prepare the journal entry for the admission of Hill on January 1, 20x8. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the formation of the parthership on Hanusy 1,207. to nearnst dollor amount. On January 1,208, the partnership decided to admit Hill to the partnership. On that date, Hill invested $111,760 of cash into partnership for a 20 percent capital interest. Total partnership capital after Hill was admitted totaled $464,000. Required: a1. Prepare journal entries to record the formation of the partnership on January 1, 20X7. a2. Prepare Journal entries to record the events that occurred during 207 including closing entries. b. Prepare the income statement for the Jordan-O'Neal Partnership for the year ended December 31, 207. c. Prepare a balance sheet for the Jordan-O'Neal Partnership at December 31, 207. d. Prepare the journal entry for the admission of Hill on January 1,208. Complete this question by entering your answers in the tabs below. Prepare the journal entry for the admission of Hill on January 1, 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry for the admission of Hill on January 1,208. Note: Enter debas before credits. Additional Information On January 1,208, the partnership decided to admit Hill to the partnership. On that date, Hill invested $111,760 of cash into the partnership for a 20 percent capital interest. Total partnership capital after Hill was admitted totaled $464,000. Required: a1. Prepare journal entries to record the formation of the partnership on January 1,207. a2. Prepare journal entries to record the events that occurred during 207 including closing entries. b. Prepare the income statement for the Jordan-O'Neal Partnership for the year ended December 31, 20X7. c. Prepare a balance sheet for the Jordan-O'Neal Partnership at December 31, 207. d. Prepare the journal entry for the admission of Hill on January 1,208. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the events that occurred during 207 including closing entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round the final answers to nearest dollar amount. Journal entry worksheet 7. The partnership's inventory at December 31,207, was $20,500. 3. The partners allocated the net income for 207 and closed the accounts: Additional Information On January 1,20X8, the partnership decided to admit Hill to the partnership. On that date, Hal invested S111; partnership for a 20 percent capital interest. Total partnership capital after Hill was admitted totaled $464.00 Required: a1. Prepare journal entries to record the formation of the partnership on January 1,20X7. a2. Prepare journal entries to record the events that occurred during 207 including closing entries. b. Prepare the income statement for the Jordan-ONeal Partnership for the year ended December 31,207. c. Prepare a balance sheet for the Jordan-ONeal Partnership at December 31,207. d. Prepare the journal entry for the admission of Hill on January 1,20X8. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for the Jordon-ONeal Partnership at December 31,207. Note: Round the final answers to nearest dollar amount