On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit...
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On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Cash withdrawal March 20, 2023 Comeau $315,900 cash Lavoi $194,000 land $139,400 building allowance 5% of original $157,900 salary 5% of original capital investments capital investments 40% of remaining 60% of remaining $106,200 Net Income during the year was $543,200 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $142,100 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2022 View transaction list Journal entry worksheet 1 Record the formation of partnership. Note: Enter debits before credits. Date April 01, 2022 General Journal Debit Credit View general journal Clear entry Record entry b. March 20, 2023 View transaction list Journal entry worksheet Record the withdrawal by partner. Note: Enter debits before credits. Date Mar 20, 2023 General Journal Debit Credit View general journal Clear entry Record entry 23 View transaction list Journal entry worksheet < 1 Record the closing of profit to capital. Note: Enter debits before credits. Date Mar 31, 2023 General Journal Debit Credit View general journal Record entry Clear entry 12 d. April 1, 2023 View transaction list Journal entry worksheet < Record the admission of Wilems for a 20% interest. Note: Enter debits before credits. Date April 01, 2023 Saved General Journal Debit Credit View general journal Clear entry Record entry 2. Calculate the balance in each partner's capital account immediately after the April 1, 2023, entry. Comeau, capital Lavoi, capital Roberts, capital On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Cash withdrawal March 20, 2023 Comeau $315,900 cash Lavoi $194,000 land $139,400 building allowance 5% of original $157,900 salary 5% of original capital investments capital investments 40% of remaining 60% of remaining $106,200 Net Income during the year was $543,200 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $142,100 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2022 View transaction list Journal entry worksheet 1 Record the formation of partnership. Note: Enter debits before credits. Date April 01, 2022 General Journal Debit Credit View general journal Clear entry Record entry b. March 20, 2023 View transaction list Journal entry worksheet Record the withdrawal by partner. Note: Enter debits before credits. Date Mar 20, 2023 General Journal Debit Credit View general journal Clear entry Record entry 23 View transaction list Journal entry worksheet < 1 Record the closing of profit to capital. Note: Enter debits before credits. Date Mar 31, 2023 General Journal Debit Credit View general journal Record entry Clear entry 12 d. April 1, 2023 View transaction list Journal entry worksheet < Record the admission of Wilems for a 20% interest. Note: Enter debits before credits. Date April 01, 2023 Saved General Journal Debit Credit View general journal Clear entry Record entry 2. Calculate the balance in each partner's capital account immediately after the April 1, 2023, entry. Comeau, capital Lavoi, capital Roberts, capital
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