On March 2, 2020, Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for CULLUMBER Personal Coaching: 2020 Mar 2 The partners contribute assets to the partnership at the following agreed amounts: Z. Moreau $14,500 Cash Furniture Equipment Total K. Krneta V. Visentin $10,300 $19,600 17,000 14.000 $27,300 $33,600 19,100 $33,600 They also agree that the partnership will assume responsibility for Karen's note payable of $4.900, Dec. 20 31 Zon Karen and Veronica each withdraw $29,800 cash as a year-end bonus. No other withdrawals were made during Total profit for 2020 was $110,000 the year. 2021 2021 Jan. 5 6 Zoe and Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $15,600 cash from the partnership, Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Zoe and Veronica withdraw $42,400 and $45,900 cash, respectively, from the partnership Total prolt for 2021 was $123.750. Dec 20 31 2022 Jan. 4 Zoe and Veronica agree to admit Dela Hirjikaka to the partnership. Dela will focus on providing training in organizational skills to clients. Dela invests $31,050 cash for 25% ownership of the partnership. Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date 2020 Mar. 2 > Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and explanation Debit Date 2020 Credit Mar 2 (Invest assets in business.) Mar. 2 (Invest assets in business.) Mar, 2 invest assets in business) Mar 2 (Invest assets in business) Dec. 20 (Record cash drawings) Dec 31 (Todose Income Summary) 2021 Jan. 5 (To record withdrawal of partner) Dec. 20 (To record cash drawings. Dec 31 (To close Income Summary) 2022 Jan. 4 - 2022 Jan. 4 (To record admission of partner) e Textbook and Media Prepare the partners' equity section of the balance sheet after Dela is admitted to the partnership, CULLUMBER PERSONAL COACHING Balance Sheet (Partial) Prepare the partners equity section of the balance sheet after Dela is admitted to the partnership CULLUMBER PERSONAL COACHING Balance Sheet (Partial) eTextbook and Media
