ACCOUNT 101 CASH 104 ACCOUNTS RECEIVABLE 106 SUPPLIES 108 PREPAID INSURANCE 110 EQUIPMENT 111 ACCUM. DEPRECIATION-EQUIPMENT 115 BUILDING 120 ACCUM. DEPRECIATION-BUILDING 201 ACCOUNTS PAYABLE 202 NOTES PAYABLE 301 MARTIN CAPITAL 302 MARTIN DRAWING 303 LEWIS CAPITAL 304 LEWIS DRAWING 400 SERVICE REVENUE 520 DEPRECIATION EXPENSE 597 RENT EXPENSE 525 OPERATING EXPENSES 599 INCOME SUMMARY DEBIT CREDIT DATE ACCOUNTS 1/1/18 MARTIN AND LEWIS CONSULTING--TRANSACTIONS On January 1, 2018. Ann Martin invested $100,000 cach in the consulting firm, Martin Lewis Consulting. See hints --> DR C45H CR MARTIN CAPITAL 3 1/1/18 On January 1, Tina Luiscontributed a Building with fair market value of $240,000 and Equipment with air market value of $24.000. BUILDING LEWIS CAPITAL EQUIP. 6 7 a 9 1/G/18 On 1/5, Rent waspald for the month $3,000, in cach RENT EXP CASH 1/20/18 SVS REV The revenue for the month of January was $39.000. A total of $12,000 was receivs in cash; the rest was on account. CASH MOLTS RLC 1/25/18 Caet was collected from customers on account. $5.000. CASH ACCIS REC 1/26/18 Martin withdrew $2,500 for personal use. MARTIN DRAW CASH 1/27/18 Lenis withdrew $3,500 from the business for personal use LEWIS DRAW CASH 1/29/18 OPER EXP 10 11 12 13 14 15 16 17 12 19 20 21 22 23 24 25 26 27 22 29 30 31 32 33 34 35 36 37 38 39 40 41 Operating expenses for the month amounted to $21,000. Atotal of $12,000 was paid in cash, and the rest 19,000) was on account CASH ACCTS PAY 1/31/18 DEPR EXP Depreciation was recorded or the buildire The building has a 25 year life, and ane-month's depreciation is recorded using SL depreciation. The amount is $RCO. ACC.DEPR. ELDG 1/31/18 DEPR EXP Depreciation was recorded on the equipment. The life of the scuipment was 10 years, and one month's depreciation is to be recorded. The amount is $700. ACC. DER EQUIP 1/31/18 Therevenueis closed to income Summary SVS REV INC SUMMARY 1/31/18 The experses are closed to Income Summary INC SUMMARY RENT EXP OPER EXP DE EXP 1/31/18 The revenue is closed to income Summary SVS REV INC SUMMARY 1/31/18 The corses are closed to Income Summary INC SUMMARY RENT FXD OPER EXP DEPR EXP 1/31/18 INC SUMMARY Income Summary is closed to the partners' capital accounts. The partners share income or a 50-50 basis. MARTINGAS I FWIS CAP 1/31/18 The craving accounts are closed to the capital accounts of the partners. MARTIN CAN MARTIN DRAW LEWIS CAP LEWIS UHAN Dabits - Credits YES Checking JOLANA balance Total Debits - Total Credits DRC 59 62 T-ACCTS DR TRIAL BALANCE DR CR CR 0 0 0 0 MARTIN-LEWIS CONSULTING INCOME STATEMENT FOR MONTH ENDED 1/31/2018 MARTIN-LEWIS CONSULTING PARTNERS' EQUITY STATEMENT FOR MONTH ENDED 1/31/2018 0 0 0 0 0 0 0 1 2 ACCOUNTS 3 101 CASH 104 ACCOUNTS RECEIVABLE 5 106 SUPPLIES 6 108 PREPAID INSURANCE 7 110 EQUIPMENT 8 111 ACCUM. DEPRECIATION-EQUIPMENT 9 115 BUILDING 10 120 ACCUM. DEPRECIATION-BUILDING 11 201 ACCOUNTS PAYABLE 00 ou + 0 0 0 0 0 400 SERVICE REVENUE o 0 0 0 0 0 0 0 0 $0 BEGINNING CAPITAL INVESTMENTS BY PARTNERS SUBTOTAL +NET INCOME 302 MARTIN DRAWING 301 MARTIN CAPITAL 0 MARTIN LEWIS $0 $0 $100,000 $324,000 $100,000 $324,000 6,250 6,250 (2,500) (3,500) $103,750 $326,750 0 520 DEPRECIATION EXPENSE 525 OPERATING EXPENSES 597 RENT EXPENSE NET INCOME 0 0 0 ooo 0 0 0 0 0 0 0 $0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12 202 NOTES PAYABLE 13 301 MARTIN CAPITAL 14 302 MARTIN DRAWING 15 303 LEWIS CAPITAL 16 304 LEWIS DRAWING 17 400 SERVICE REVENUE 18 520 DEPRECIATION EXPENSE 19 597 RENT EXPENSE 20 525 OPERATING EXPENSES 21 599 INCOME SUMMARY 22 0 0 0 0 MARTIN-LEWIS CONSULTING BALANCE SHEET 1/31/18 0 0 0 0 0 0 0 0 0 0 0 0 0 oo 201 ACCOUNTS PAYABLE TOTAL LIABILITIES 0 0 101 CASH 104 ACCOUNTS RECEIVABLE 110 EQUIPMENT 0 o 0 0 0 0 0 0 OK OK 111 ACCUM. DEPRECIATION-EQUIPMENT 0 0 23 24 25 0 26 115 BUILDING 120 ACCUM. DEPRECIATION-BUILDING TOTAL ASSETS 0 0 301 MARTIN CAPITAL 303 LEWIS CAPITAL TOTAL LIABILITIES & PARTNER'S EQUITY $0 $0 $0 27 0 28 29 30 Check: A=L+OE