On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario Contribution Profit sharing
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On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario Contribution Profit sharing Comeau Lavoi $321,800 cash $220,000 land $140,800 building $161,300 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $122,700 Cash withdrawal March 20, 2020 Net Income during the year was $616,000 and was in the Income Summary account On April 1, 2020 Travis Roberts invested $131,100 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 b. March 20, 2020 View transaction list Journal entry worksheet 1 Record the withdrawal by partner. Note: Enter debits before credits. Date General Journal Debit Credit Mar 20, 2020 w c. March 31, 2020 View transaction list Journal entry worksheet Record the closing of profit to capital. Note: Enter debits before credits. Debit General Journal Date Credit Mar 31, 2020 2. Calculate the balance in each partner's capital account immediately after the April 1, 2020, entry. Comeau, capital Lavoi, capital Roberts, capital
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