Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

497776011 ACC211.18212 Financial Accounting dhufr muneeb &1 12/018 852 PM Homework: Chapter 12 Homework Score: 0 of 1 pt P12-32B (similar to) Anna Lelime and

image text in transcribed
image text in transcribed
497776011 ACC211.18212 Financial Accounting dhufr muneeb &1 12/018 852 PM Homework: Chapter 12 Homework Score: 0 of 1 pt P12-32B (similar to) Anna Lelime and Lynn Rourke formed a partnership on March 15, 2016. The partners agreed to contibute equal amounts of capital Lelme contnibuted her sale propnetorship's assets and ls 45 of 5 (4 complete) HW Score: 55.67%, 2.78 of 5 pts Question He balances in parentheses) as follows (Clck the icon to view the book and market values of the sole proprietorship) March 15. Rourke contributed cash in an amount equal to the current market value of Leines parrerstep capta. The partersdeOdednat ueime wa earn 70% of parter!pprits becase sh mana e the business. orke agreed to accept 30% of the pro s During the pen dened December 31, me partnershe earned net n esa ooumes werenah-esnoord ones withdrawings totaled $20.000 Read the suna eney atbve) Requirement 1. Journalize the partners intial contributions (Recond ebts tist then, creats Select the esplanasionn Begin by journalizing the contribution made by Anna Lelime. Debit Credit Date Accounts and Explanation Mar 15 Check Aswer Choose from any list or enter any number in the input fields and then click Check Answer Clear All remaining O Type here to search 5 of 5 (4 complete) | e partners agreed to contribute equal amounts of capital. Lelime contributed her sole pre Data Table will earn 70s 0. Lelime's w Lelime's Business Book Value Current Market Value y table) Accounts Receivable12 600s Merchandise Inventory Prepaid Expenses Store Equipment. Net Accounts Payable 44 000 3.800 43 000 26000) 10,400 36,000 3,100 22 000 26,000) Prnt Done All te

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T Horngren

4th Edition

0131797395, 978-0131797390

More Books

Students also viewed these Accounting questions

Question

=+2. What is the difference between brand voice and tone?

Answered: 1 week ago