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On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau Lavoi $283,100 cash $200,000 land $129,700 building
On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau Lavoi $283,100 cash $200,000 land $129,700 building $176,400 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $114,500 Cash withdrawal March 20, 2020 Net Income during the year was $548,800 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $132,500 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 Required: 1. Prepare journal entries for the following dates. a. April 1, 2019 View transaction list Journal entry worksheet 1 Record the formation of partnership. In Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2019 Record entry Clear entry View general journal 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 Record entry Clear entry View general journal c. March 31, 2020 View transaction list Journal entry worksheet
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