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On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau $304,000 cash Lavoi $202,000 land $140,800
On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau $304,000 cash Lavoi $202,000 land $140,800 building. $156,200 salary allowance. 5% of original 5% of original 40% of remaining Cash withdrawal March 20, 2023 capital investments capital investments 60% of remaining $128,600 Net Income during the year was $532,000 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $136,600 and was admitted to the partnership for a 20% interest in ed Required: 1. Prepare journal entries for the following dates. a. April 1, 2022 View transaction list Journal entry worksheet Prose 1 of 2 Next Journal entry worksheet < 1 Record the formation of partnership. Note: Enter debits before credits. Date April 01, 2022 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 Record the withdrawal by partner. Note: Enter debits before credits. Date Mar 20, 2023 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 Record the admission of Wilems for a 20% interest. Note: Enter debits before credits. Date April 01, 2023 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 Record the admission of Wilems for a 20% interest. Note: Enter debits before credits. Date April 01, 2023 General Journal Debit Credit Record entry Clear entry View general journal Record entry Clear entry View general journal 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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