Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 1, 2019, Guy Comeau and Amelie Lavol formed a partnership in Ontario 62 Contribution Profit sharing 20 oints Comeau Lavoi $321,800 cash $220,000

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On April 1, 2019, Guy Comeau and Amelie Lavol formed a partnership in Ontario 62 Contribution Profit sharing 20 oints Comeau Lavoi $321,800 cash $220,000 land $140,800 building $161,300 salary allowance 58 of original 51 of original capital investments capital investments 401 of remaining 60N of remaining $122,700 8 0155 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 Tools View transaction list marchant equired: Prepare journal entries for the following dates. . April 1, 2019 View transaction list Journal entry worksheet 1 Record the formation of partnership. Note: Enter debits before credits General Journal Debit Credit Date April 01, 2019 Record entry Clear entry View general Journal 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

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

19th International Edition

125909524X, 9781259095245

More Books

Students also viewed these Accounting questions

Question

=+12.2. Suppose that A 221, A( A) > 0, and 0 Answered: 1 week ago

Answered: 1 week ago

Question

3. Identify the methods used within each of the three approaches.

Answered: 1 week ago

Question

b. Where did they come from?

Answered: 1 week ago