onnectmheckucation.com/flow/connecthtml Help Save&Exit Check mmy In the early part of 2018, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant They had begun a ne business in 2017 but had never used an accountant's services Hugh and Jacobs began the partnership by contributing $125,000 and $75,000 in cash, respectively Hugh was to work occasonaly the business, and Jacobs was to be employed full-time They decided that year-end profits and losses should be assigned as follows - Each partner was to be allocated 10 percent interest computed on the beginning capit al balances for the period . A compensation allowance of 57,000 was to go to Hugh with a $21000 amount assigned to Jacobs . Any remaining income would be split on a 4 6 basis to Hugh and Jacobs respectively In 2017, revenues totaled $150,000, and expenses were $131,000 (not ancluding the partners compensation allowance) Hugh withdrew cash of $7000 during the year, and Jacobs took out $12000 in addition, the busness paid $8,000 for repars made to Hugh's home and charged it to repair expense On January 1, 2018. the partnership scld a percent intere with the bonus method used for accounting to Thom as for S40.000 cash. This money was contributed to the bugnese c. What journal entries should the partnersh p have recorded on Decernber 31 d. What journal entry should the partnership have recorded on January 1 2018 Complete this question by entering your answers in the tabs belov onnectmheckucation.com/flow/connecthtml Help Save&Exit Check mmy In the early part of 2018, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant They had begun a ne business in 2017 but had never used an accountant's services Hugh and Jacobs began the partnership by contributing $125,000 and $75,000 in cash, respectively Hugh was to work occasonaly the business, and Jacobs was to be employed full-time They decided that year-end profits and losses should be assigned as follows - Each partner was to be allocated 10 percent interest computed on the beginning capit al balances for the period . A compensation allowance of 57,000 was to go to Hugh with a $21000 amount assigned to Jacobs . Any remaining income would be split on a 4 6 basis to Hugh and Jacobs respectively In 2017, revenues totaled $150,000, and expenses were $131,000 (not ancluding the partners compensation allowance) Hugh withdrew cash of $7000 during the year, and Jacobs took out $12000 in addition, the busness paid $8,000 for repars made to Hugh's home and charged it to repair expense On January 1, 2018. the partnership scld a percent intere with the bonus method used for accounting to Thom as for S40.000 cash. This money was contributed to the bugnese c. What journal entries should the partnersh p have recorded on Decernber 31 d. What journal entry should the partnership have recorded on January 1 2018 Complete this question by entering your answers in the tabs belov