Exercise 15-2 Tom and Julie formed a management consulting partnership on January 1, 2016. The fair...

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Exercise 15-2 Tom and Julie formed a management consulting partnership on January 1, 2016. The fair value of the net assets invested by each partner follows: Tom Julie Cash $11,700 $11,700 Accounts receivable 8,400 5,600 Office supplies 1,800 700 Office equipment 27,600 - Land - Accounts payable 1,800 Mortgage payable - 27,500 5,100 17,400 During the year, Tom withdrew $14,200 and Julie withdrew $11,300 in anticipation of operating profits. Net profit for 2016 was $53,700, which is to be allocated based on the original net capital investment. (a) Your answer is correct. Prepare journal entries to: 1. Record the initial investment in the partnership. 2. Record the withdrawals 3. Close the Income Summary and Drawing accounts. (Round intermediate calculations to 6 decimal places, e.g. 1.576843 answers to 0 decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Exercise 15-2 Tom and Julie formed a management consulting partnership on January 1, 2016. The fair value of the net assets invested by each partner follows: Tom Julie Cash $11,700 $11,700 Accounts receivable 8,400 5,600 Office supplies 1,800 700 Office equipment 27,600 - Land - Accounts payable 1,800 Mortgage payable - 27,500 5,100 17,400 During the year, Tom withdrew $14,200 and Julie withdrew $11,300 in anticipation of operating profits. Net profit for 2016 was $53,700, which is to be allocated based on the original net capital investment. (a) Your answer is correct. Prepare journal entries to: 1. Record the initial investment in the partnership. 2. Record the withdrawals 3. Close the Income Summary and Drawing accounts. (Round intermediate calculations to 6 decimal places, e.g. 1.576843 answers to 0 decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)