MID TERM ACCOUNTING 13 ,PARTNERSHIP ACCOUNTING

3. Jack L and Mathew C. would like to combine businesses to form a Partnership. Jack contributes the following Equipment, Buildi11L $7,950.00, Notes Payable, 2,150.00, and Inventory, $790.00 Matthew contributes the following: Accounts Receivable, $1,200.00, $970.00 of cash.

Prepare the journal entry to record the contributions, which occurred on August 21, 2017.

4. JJ& T Partnership has 3 partners1 James small, josh plat, and turner Lyle who allocate net income according to the services provided by the Partners, and any remainder equally. James and Turner will provide services and receive salary allowances of $2,500.00 a month while Josh will receive $3,500.00 .. during the year the Partnership earned $192,000. Determine the amount allocated to each partner and prepare the journal entry to record the division of income.