Lachapelle and Rennek formed a partnership onMarch15,2018.The partners agreed to contribute equal amounts of capital. Lachapellecontributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows:
IN Uhuru POILS. U UI 20 Lachapelle and Rennek formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lachapelle contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: (Click the icon to view the book and market values of the sole proprietorship.) i (Click the icon to view additional information.) Read the requirements. quirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the contribution made by Lachapelle. Date Accounts and Explanation Debit Credit Mar. 15 Store Equipment Merchandise Inventory Etext pages Calculator Get more help Clear all Check answer = Homework: Chapter 12 Homework Question 1, P12-24A (si... Part 1 of 5 HW Score: 0%, 0 of 43 points O Points: 0 of 28 Save Lachapelle and Rennek formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lachapelle contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: : (Click the icon to view the book and market values of the sole proprietorship.) (Click the icon to view additional information.) Read the requirements. Requirements Requirement 1. Journalize the partners' in 1. Journalize the partners' initial contributions. 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. Begin by journalizing the contribution made Date Accounts Mar. 15 Store Equipment Merchandise Inventory Print Done Etext pages Calculator Get more help Clear all Check answer = Homework: Chapter 12 Homework Question 1, P12-24A (Si... Part 1 of 5 > HW Score: 0%, 0 of 43 points O Points: 0 of 28 Save her sole proprietorship's assets and liabilities (credit Lachapelle and Rennek formed a partnership on March 15 balances in parentheses) as follows: 2 (Click the icon to view the book and market values of Data table (Click the icon to view additional information.) Read the requirements. Lachapelle's Business Current Market Book Value Value Accounts Receivable $ 13,000 $ 11,100 Fry table.) Requirement 1. Journalize the partners' initial contribution Begin by journalizing the contribution made by Lachapelle Merchandise Inventory 40,000 33,000 3,500 3,300 Date Accounts and Explanatid Prepaid Expenses Store Equipment, Net Accounts Payable 43,000 21,000 Mar. 15 (23,000) (23,000) Store Equipment Merchandise Inventory Accounts Receivable Prepaid Expenses Print Done Start = Homework: Chapter 12 Homework Question 1, P12-24A (si... Part 1 of 5 HW Score: 0%, 0 of 43 points O Points: 0 of 28 Save Lachapelle and Rennek formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lachapelle contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: (Click the icon to view the book and market values of the sole proprietorship.) (Click the icon to view additional information. More info Read the requirements. Requirement 1. Journalize the partners' initial co Begin by journalizing the contribution made by La On March 15, Rennek contributed cash in an amount equal to the current market value of Lachapelle's partnership capital. The partners decided that Lachapelle will earn 70% of partnership profits because she will manage the business. Rennek agreed to accept 30% of the profits. During the period ended December 31, the partnership earned net income of $71,000. Lachapelle's withdrawals were $45,000, and Rennek's withdrawings totaled $21,000. Date Accounts and EX Mar. 15 Store Equipment Merchandise Inventory Accounts Receivable Print Done Prepaid Expenses Etext pages Calculator Get more help Clear all Chant
