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On April 1, 2019, Guy Comeau and Amelie Lavol formed a partnership in Ontario Contribution Profit sharing Comeau Lavoi $271,200 cash $202,000 land $144,900 building

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On April 1, 2019, Guy Comeau and Amelie Lavol formed a partnership in Ontario Contribution Profit sharing Comeau Lavoi $271,200 cash $202,000 land $144,900 building $163,000 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $129,800 Cash withdrawal March 20, 2020 Net Income during the year was $554,400 and was in the income Summary account. On April 1, 2020 Travis Roberts invested $147,700 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 View transaction list Journal entry worksheet 1 Record the formation of partnership. Noter Enter debits before credits Date April 01, 2019 General Journal Debit Credit b. March 20, 2020 View transaction list Journal entry worksheet Record the withdrawal by partner. Note: Enter debits before credits General Journal Debit Credit Date Mar 20, 2020 Record entry Clear entry View general Journal C. March 31, 2020 View transaction list Journal entry worksheet C. March 31, 2020 View transaction list Journal entry worksheet 1 Record the closing of profitto capital Note Enter debit before credits General Journal Date Mar 31, 2020 Debit Credit Record entry Clear entry View general journal d. April 1, 2020 View transaction list Journal entry worksheet 1 d. April 1, 2020 View transaction list Journal entry worksheet 1 Record the admission of Wilems for a 20% interest Note Enter debits before credits General Journal Date Aon 01, 2020 Debil Credit Record entry Clear entry View general journal 2. Calculate the balance in each partner's capital account immediately after the Apni 2020, entry Come capital Lavor capital Roberts, Capital

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