A)Sierra and Jenson formed a partnership. Sierra contributed $25,000 cash and accounts

receivable worth $11,000. Jenson's investment included cash, $5,000; inventory,

$18,000; and supplies, $1,000. Prepare the journal entries to record each partner's

investment in the new partnership.

B)On January 2, 2018, Smith and Jones agree to accept Johnson as a partner upon his

investment of $60,000 cash in the partnership. Johnson is to receive a 20% ownership

interest in the new partnership. Any bonus is attributable to the existing partners and

is shared equally. The equity of Smith and Jones $174,000. Calculate the Johnson's

equity share and prepare journal entries

C)S, M and Z form a partnership and agree to allocate income equally after recognition of

10% interest on beginning capital balances and monthly salary allowances of $ 2,000 to

S and 1,500 $ to Z , Capital balances on January 1 were as follow : S $ 40,000 ,

M $25,000 and Z $30,000

Required : 1- Calculate the net income ( loss ) allocation to each partner if the Net

losses for the year is $ 15,100 and Journalize the allocation of net losses .