journal entries please
On March 1, Eckert and Kelley formed a partnership. Eckert contributed $73,000 cash, and Kelley contributed land valued at $58,400 and a building valued at $88,400. The partnership also took Kelley's $63,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of $31,500, both get an annual interest allowance of 10% of their initial capital investment, and any remaining income or loss is shared equally. On October 20, Eckert withdrew $29,000 cash and Kelley withdrew $22,000 cash. After adjusting and closing entries are made to the revenue and expense accounts at December 31, the income Summary account had a credit balance of $99,000 Required: 10. & 1b. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners withdrawals 2. Determine the balances of the partners' capital accounts as of December 31 accounts Complete this question by entering your answers in the tabs below. Reg 1C Reg 1A and 18 Reg 2 Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. View transaction list Journal entry worksheet 1 2 Record the partners' Initial capital investment Note: Enter debits before credits General Journal Debit Credit Date Mar 01 Complete this question by entering your answers in the tabs below. Reg 1A and 1B Req 1C Reg 2 Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. View transaction list Journal entry worksheet On March 1, Eckert and Kelley formed a partnership. Eckert contributed $73,000 cash, and Kelley cc and a building valued at $88,400. The partnership also took Kelley's $63,000 long-term note payab building. The partners agreed to share income as follows: Eckert gets an annual salary allowance of interest allowance of 10% of their initial capital investment, and any remaining income or loss is shar withdrew $29,000 cash and Kelley withdrew $22,000 cash. After adjusting and closing entries are accounts at December 31, the Income Summary account had a credit balance of $99,000. Required: 1a. & 1b. Prepare journal entries to record the partners' initial capital investments and their subseque 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Sum accounts 2. Determine the balances of the partners' capital accounts as of December 31. Complete this question by entering your answers in the tabs below. Req 1A and 1B Req 10 Reg 2 Determine the balances of the partners' capital accounts as of December 31. Eckert Kelley Capital Account Balances Initial investment Withdrawals Share of income Ending balances $ 0 $
