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 SUNLAND Personal Coaching 2020 Mar 2 The partners contribute assets to the partnership at the following agreed amounts Z Moreau K Krneta V Visentin Cash $14,900 $10,100 $19,700 Furniture 17,500 Equipment 18,700 13,900 Total $33,600 $27,600 $33,600 They also agree that the partnership will assume responsibility for Karens note payable of $5,200 Dec 20 Zoe, Karen, and Veronica each withdraw $30,100 cash as a year end bonus No other withdrawals were made during the year 31 Total profit for 2020 was $109,000 2021 Jan 5 Zoe and Veronica approve Karens request to withdraw from the partnership for personal reasons They agree to pay Karen $14,850 cash from the partnership 6 Zoe and Veronica agree to change their profit sharing ratio to 4 5, respectively Dec 20 Zoe and Veronica withdraw $42,400 and $45,800 cash, respectively, from the partnership 31 Total profit for 2021 was $123,750 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 $31,000 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 ) Debit Credit Date Account Titles and Explanation 2020 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

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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

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 SUNLAND Personal Coaching:

2020

Mar. 2

The partners contribute assets to the partnership at the following agreed amounts:

	Z. Moreau		K. Krneta		V. Visentin
Cash		$14,900		$10,100		$19,700
Furniture				17,500
Equipment		18,700				13,900
Total		$33,600		$27,600		$33,600

They also agree that the partnership will assume responsibility for Karens note payable of $5,200.

Dec. 20		Zoe, Karen, and Veronica each withdraw $30,100 cash as a year-end bonus. No other withdrawals were made during the year.
31		Total profit for 2020 was $109,000.

2021
Jan. 5		Zoe and Veronica approve Karens request to withdraw from the partnership for personal reasons. They agree to pay Karen $14,850 cash from the partnership.
6		Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively.
Dec. 20		Zoe and Veronica withdraw $42,400 and $45,800 cash, respectively, from the partnership.
31		Total profit for 2021 was $123,750.

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 $31,000 cash for 25% ownership of the partnership.

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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.) Debit Credit Date Account Titles and Explanation 2020 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