Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with this partnership lab I need help with this partnership problem .001 Martin-Lewis Consulting. See hints received in cash; the rest was on

please help with this partnership lab image text in transcribed
image text in transcribed
image text in transcribed
I need help with this partnership problem image text in transcribed
.001 Martin-Lewis Consulting. See hints received in cash; the rest was on account ACCO View +0.00 101 CASH one-month's depreciation is recorded using SL depreclation. The amount is $800. M ART IN AND LEWIS CONSULTING-TRANSACTIONS DR CASH On January 1. 2018 Amm Martin invested $100,000 cash in the consulting firm Martin-Lewis Consulting. See hints On January 1.Tina Lewis contributed a Building with fair market value of $240,000 and Equipment with fair market vall of $84,000 BUIL EQUIE On 1i6, Ren was paid for the month, $3,000, in cash RENT The revenue for the month of January was $38,000. A total of $12,000 was received in cash; the rest was on account CASH ACCT Cash was collected from customers on account, $8,000 CASH in withdrew $2,500 foe personal us, MART Lewis withdrew $3,500 from the business for personal use LEWIS Operating expenses for the month amounted to $21,000. A total of $12.000 was paid in cash, and the rest (9.,000) was on account OPER Depreciation was recorded on the building. The building has a25 year life,an one-month's depreciation is recorded using SL depreciation. The amount is 5800 DEPR Depreciation was recorded on the equipmet The life of the equipment wa 10 years, and one monthy's depreciation is to be recorded The amount is $700 DEPR The revenue is closed to Income Summary SVS R The expenses are closed to Income Summary Income Summary is closed to the partmers' capital accounts The partners share income on a 50:50 hasis The drawing accounts are closed to the capital accounts of the partners MAR ebits Credits YES Total Debits Total Credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Essentials Quick Access To The Important Facts And Concepts Complete Overview Simply Presented Easy To Grasp

Authors: Frank C. Giove, Accounting Study Guides

1st Edition

0878918795, 978-0878918799

More Books

Students also viewed these Accounting questions

Question

=+221 .1 Answered: 1 week ago

Answered: 1 week ago