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On April 1, 2019, Guy Comeau and Amelle Lavol formed a partnership in Ontarlo. Contribution Profit sharing Comeau Lavoi $321,800 cash $22e, eee land $140,
On April 1, 2019, Guy Comeau and Amelle Lavol formed a partnership in Ontarlo. Contribution Profit sharing Comeau Lavoi $321,800 cash $22e, eee land $140, see 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 View transaction list Journal entry worksheet Record the formation of partnership. 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
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