Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 1, 2019. Guy Comeau and Amelle Lavol formed a partnership in Ontario, bis Contribution Drorit sharing Com La $209,900 cash $106,000 to $142,100ding

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 Amelle Lavol formed a partnership in Ontario, bis Contribution Drorit sharing Com La $209,900 cash $106,000 to $142,100ding $159,600 salary allowance 30 of original 3t of original capital investments capital investisanta 408 of remaining 608 of remaining $120,400 40 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 $144,900 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 View journal entry worksheet No General Journal Credit Data April 01, 2019 1 Cash Land Building Guy Comeau, capital Amelie Lavel, capital Deble 309,900 180,000 142,100 Tools b. March 20, 2020 9 ose Credit View transaction list View journal entry worksheet No Dot Mar 20, 2020 Amele Laval, withdrawals Canh Deble 120,400 W 120,400 bls c. March 31, 2020 View transaction list View Journal entry worksheet General Journal Dao D Mar 31, 2020 Chat 1 616,000 Income summary Guy Comeau, capital Amelie Lavol, capital wa21 144,000 AM 01, 2020 Amele Lavalampitel Guy Comeau, capital Travis Roberts, capital 2. Calculate the balance in each partner's capital account immediately after the Aprh 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

More Books

Students also viewed these Accounting questions

Question

select two rivalry brands and conduct the Google trends analysis

Answered: 1 week ago