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PLEASE HELP COULDNT FIGURE THESE QUESTIONS OUT JOUNRAL ENTRIES! 4. On December 31 , a partnership has total partnership capital as follows: The partners allocate
PLEASE HELP COULDNT FIGURE THESE QUESTIONS OUT JOUNRAL ENTRIES!
4. On December 31 , a partnership has total partnership capital as follows: The partners allocate income and losses 30% to partner #1,50% to partner #2 and 20% to partner \#3. On December 31, Partner \#3 retires from the partnership and is paid $200,000 in PARTNERSHIP cash to settle his interest in the partnership. Prepare any necessary journal entries on the books of the partnership on December 31 . 5. On September 30 , a corporation issues 10,000 shares of $5 par value common stock for $30 per share. Prepare any necessary journal entries on September 30. 6. On September 15, a corporation declares a $100,000 common stock cash dividend. The dividend is paid on October 15. A. Prepare any necessary journal entries on September 15. B. Prepare any necessary journal entries on October 15 . 7. On August 31, a corporation has the following financial data: On August 31, the corporation declares 10% stock dividend on common stock. The stock dividends are distributed on September 30 . A. Prepare any necessary journal entries on August 31 . B. Prepare any necessary journal entries on September 30 . 8. Prepare any necessary journal entries for the following transactions: A. On March 15, the corporation purchases 5,000 shares of its own common stock for $20 per share. The stock has a par value of $1 per share. B. On November 15 , the company sells 2500 shares of the treasury stock for $22 per shareStep by Step Solution
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