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Please help me with the wrong ones and the incomplete ones. The partnership of Jordan and O'Neal began business on assets are stated at their

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The partnership of Jordan and O'Neal began business on assets are stated at their fair values on January 1, 20X7): The land was subject to a $51,000 mortgage, which the partnership assumed on January 1,207. The equipment was subject to an Installment note payabie that had an unpoid principal amount of $21,900 on January 1,207. The partnership also assumed this note payable. Jordan and O'Neal agreed to share partnership income and losses in the following manner: During 207, the following events occurred: During 207, the following events occurred: 1. Inventory was acquired at a cost of $31,800. At December 31,207, the partnershlp owed $6,400 to its suppliers. 2. Principal of $6,600 was paid on the mortgage. Interest expense incurred on the mortgage was $2,100, all of which was paid by December 31,207. 3. Principal of $3,300 was paid on the installment note. Interest expense Incurred on the installment note was $2,300, all of which was pald by December 31,207. 4. Sales on account amounted to $163,500. At December 31, 20x7, customers owed the partnership $21,500. 5. Selling and general expenses, excluding depreclation, amounted to $34,400. At December 31,207, the partnership owed $6,900 of accrued expenses. Depreciation expense was $6,600 6. Each partner withdrew $250 each week in anticipation of partnership profits. 7. The parthership's inventory at December 31,207, was $20,800. 8. The partners allocated the net income for 207 and closed the accounts. Additional Information On January 1, 20X8, the parthership decided to admit Hill to the partnership. On that date, Hil invested $113,100 of cash into the partnership for a 20 percent capltal interest. Total parthership capital after Hill was admilted totaled $466,000. Required: a1. Prepare Joumal entries to record the formation of the porthership on January 1, 20x7. a2. Prepare journal entries to record the events that occurred during 207 ineluding closing entries. b. Prepare the income statement for the Jordan-O'Neal Parthership for the year ended December 31,207. c. Prepare a balance sheet for the Jordan-O Neal Partnership at December 31, 207. d. Prepare the joumal entry for the admission of Hill on January 1, 20X8. Required A2 > > Close the expense accounts to income summary. Note: Enter debits before credits. Record the transfer of income to the partners. Note: Enter debits before credits. View journal entry worksheet \begin{tabular}{|c|c|c|c|c|} \hline No & Event & \multicolumn{1}{|c|}{ Goneral Journal } & Doblt & Credit \\ \hline A & 1 & Cash & 113,100 & \\ \hline & & Jordan, Capital & & \\ \hline & & O'Neal, Capital & & \\ \hline & Hill, Capital & & 93,200 \\ \hline \end{tabular}

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