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For several years, Herschel Anderson had operated Management Consulting Company as its sole proprietor. On January 1, 2019, he formed a partnership with Richard Harris to operate the company under the name Harris-Anderson Professional Management Consultants. Pertinent terms of the partnership agreement are as follows: 1. Anderson was to transfer to the partnership the accounts receivable, merchandise Inventory, furniture and equipment, and all llabilities of the sole proprietorship in return for a partnership Interest of 60 percent of the partnership capital. Assets were appralsed and transferred to the partnership at the appraised values. Balances in the relevant accounts of Anderson's sole proprietorship at the close of business on December 31, 2018, are shown below: Book Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Furniture and Equipment Allowance for Depreciation-Furniture & Equipment Accounts Payable $ 134,000 Dr. 8,000 Cr. 190,000 Dr. 119,608 Dr. 76,000 Cr. 26,900 Cr. erences The two parties agreed to the following: There were unrecorded accounts payable of $4,000. Accounts receivable of $6,000 were definitely uncollectible and should not be transferred to the partnership. The value of Allowance for Doubtful Accounts should be $8,400. The appraised value of Merchandise Inventory was $175,000. The appraised value of Furniture and Equipment was $35,000. 2. In return for a 40 percent Interest in partnership capital, Harris Invested cash in an amount equal to two-thirds (-667) of Anderson's net Investment in the business. 3. Each partner was allowed a salary payable on the 15th day of each month. Anderson's salary was to be $9,000 per month and Harris's salary was to be $8,000 per month. 4. The partners were to be allowed Interest of 10 percent of their beginning capital balances. 5. No provision was made for profit division except for the salaries and Interest previously discussed. 6. The partnership's revenues for the year 2019 were $2,250,000, and expenses were $1,800,000. Payments for salary allowances were charged to the partners' drawing accounts. Required: 1. Record the following Information In general Journal form in the partnership's records: a. Receipt of assets and liabilities from Anderson. b. Investment of cash by Harris. c. Summary of cash withdrawals for salaries by the two partners during the year. d. Profit or loss division Including salary and Interest allowances and the closing balance of the Income Summary account determined on an appropriate basis. 2. Record the journal entry to close the partners' drawing accounts Into the capital accounts. No other cash was withdrawn. 3. Open general ledger accounts for the partners' capital accounts. The account numbers are: Herschel Anderson, Capital 301, and Richard Harris, Capital 311. Post the journal entries from requirement 1 and 2 to the capital accounts. 4. Prepare a schedule showing the division of net Income to the partners as It would appear on the Income statement for 2019. 5. Prepare a statement of partners' equities for the year. 6. On January 1, 2020, the partners agreed to admit John Amos as a partner. Amos is to invest cash of $120.000 for a one-fourth Interest in the capital of the partnership. The three parties agree that the book value of assets and liabilities properly reflects their values. Give the general Journal entry to record Amos's Investment Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Analyze Record the following information in general journal form in the partnership's records. (Round your answers to 2 decimal places.) ook View transaction list View journal entry worksheet Credit No 1 Date Jan 01, 2019 ences General Journal Accounts receivable Merchandise inventory Furniture and equipment Allowance for doubtful accounts Accounts payable Herschel Anderson, Capital Debit 128,000.00 175,000.00 35,000.00 8,400.00 30,000.00 299,600.00 2 Jan 01, 2019 199,733.33 Cash Richard Harris, Capital 199,733.33 3 Dec 31, 2019 108,000.00 Herschel Anderson, Drawing Cash 108,000.00 Dec 31, 2019 96,000.00 Richard Harris, Drawing Cash 96,000.00 0 5 Dec 31, 2019 Income summary 49,933.33 Herschel Anderson, Capital Richard Harris, Capital 29,960.00 19,973.33 6 Dec 31, 2019 Income summary 196,067.00 Herschel Anderson, Capital 98,033.50 Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Analyze points Record the journal entry to close the partners' drawing accounts into the capital accounts. No other cash was withdrawn. View transaction list View journal entry worksheet eBook No Date General Journal Debit Credit References Dec 31, 2019 108,000 Herschel Anderson, Capital Herschel Anderson, Drawing 108,000 2 Dec 31, 2019 96,000 Richard Harris, Capital Richard Harris, Drawing 96,000 Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Analyze Open general ledger accounts for the partners' capital accounts. The account numbers are: Herschel Anderson, Capital 301, and Ric 311. Post the journal entries from requirement 1 and 2 to the capital accounts in the same order. (Round your answers to 2 decimal General Ledger Herschel Anderson, Capital Account No. 301 Date Debit Credit Balance Jan 01, 2019 299,600.00 299,600.00 Dec 31, 2019 | 108,000.00 191,600.00 Dec 31, 2019 29,960.00 221,560.00 Dec 31, 2019 98,033.50 319,593.50 Dec 31, 2019 108,000.00 427,593.50 General Ledger Richard Harris, Capital Account No. 311 Date Debit Credit Balance Jan 01, 2019 199,733.33 199,733.33 Dec 31, 2019 96,000.00 103,733.33 Dec 31, 2019 19,973.33 123,706.66 Dec 31, 2019 98,033.500 221,740.16 Dec 31, 2019 96,000.00 317,740.16 Ints values. Give the general journal entry to record Amos's investment. Analyze: What percentage of the total partnership capital after the admission of Amos on January 1, 2 eBook Complete this question by entering your answer in the tabs below. References Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Analyze Prepare a schedule showing the division of net income to the partners as it would appear on the (Round your answers to 2 decimal places.) Anderson Harris ! Total 450,000.33 Allocation of net income Net income Salary allowance Interest allowance | 108,000.00 29,960.00 137.960.00 96,000.00 19,973.33 115,973.33 253,933.33 196,067.00 Remainder equally to partners Total 98,033.50 235,993.50 98,033.50 214,006.83 450,000.33 interest in the capital of the partnership. The three parties agree that the book value of assets and liabilities properly ref values. Give the general journal entry to record Amos's investment. points Analyze: What percentage of the total partnership capital after the admission of Amos on January 1, 2020, is owned by Anderson? eBook Complete this question by entering your answer in the tabs below. References Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Analyze Prepare a statement of partners' equities for the year. (Round your answers to 2 decimal places.) HARRIS-ANDERSON PROFESSIONAL MANAGEMENT CONSULTANTS Statement of Partners' Equities Year Ended December 31, 2019 Anderson Capital Harris Capital Total Capital Capital balances, January 1, 2019 | $ 0.00 $ 0.00 $ 0.00 Investment during year 299,600.00 199,733.33| 499,333.33 Net income for year 235,993.50 214,006.50 450,000.00 Totals $ 535,593.50 $ 413,739.83 $ 949,333.33 Less: Withdrawals during year 108,000.00 96,000.00 204,000.00 Capital balances, December 31, 2019 $ 427,593.50 $ 317,739.83 $ 745,333.33 Required 4 Required 6 > Complete this question by entering your answer in the tabs below. eBook Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Analyze References On January 1, 2020, the partners agreed to admit John Amos as a partner. Amos is to invest cash of $120,000 for a one-fourth interest in the capital of the partnership. The three parties agree that the book value of assets and liabilities properly reflects their values. Give the general journal entry to record Amos's investment. (Round your intermediate calculations and final answers to 2 decimal places.) Show less View transaction list View journal entry worksheet Credit No 1 Date Jan 01, 2020 General Journal Cash John Amos, Capital Debit 120,000.00 120,000.00 2 Jan 01, 2020 Richard Harris, Capital Herschel Anderson, Capital John Amos, Capital 48,166.50 48,166.50 96,333.00 What percentage of the total partnership capital after the admission of Amos on January 1, 2020, is owned by Complete this question by entering your answer in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Analyze What percentage of the total partnership capital after the admission of Amos on January 1, 2020, is owned by Anderson? (Round your answer to 1 decimal place (i.e., 0.123 should be entered as 12.3).) Anderson owns capital