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On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing allowance 5% of original Comeau $321,800 cash
On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing allowance 5% of original Comeau $321,800 cash Lavoi $188,000 land $127,000 building $169,700 salary 5% of original 40% of remaining Cash withdrawal March 20, 2020 capital investments capital investments, 60% of remaining $115,600 Net Income during the year was $604,800 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $142,100 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2019
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