Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

MBA Accounting

Authors: Roger Hussey

1st Edition

0230303374, 9780230303379

More Books

Students also viewed these Accounting questions