Please help with whats wrong
The partnership of Jordan and O'Neal began business on January 1, 20x7. Each partner contributed the following assets (the noncash assets are stated at their fair values on January 1,207 : The land was subject to a $51,000 mortgage, which the parthership assumed on January 1, 20X7. The equipment was subject to an installment note payable that had an unpaid principal amount of $21,900 on January 1, 20X7. The partnership also assumed this note payable. Jordan and O'Neal agreed to share partnership income and losses in the following manner: 1. Inventory was acquired at a cost of $31,800. At December 31,207, the partnership 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 parthership $21,500. 5. Selling and general expenses, excluding depreciation, amounted to $34,400. At December 31,207, the parthership owed $6,900 of accrued expenses, Depreciation expense was $6,600. 6. Each partner withdrew $250 each week in anticipation of parthership profits. 7. The partnership's inventory at December 31, 20X7, was $20,800. 8. The partners allocated the net income for 207 and closed the accounts. Additional Information On January 1,208, the partnership decided to admit Hill to the partnership. On that date, Hill invested $113,100 of cash into the partnership for a 20 percent capital interest. Total partnership capital after Hill was admitted totaled $466,000. Required: a1. Prepare Journal entries to record the formation of the parthership on January 1,207. a2. Prepare journal entries to record the events that occurred during 207 including closing entries. b. Prepare the income statement for the Jordan-O'Neal Partnership for the year ended December 31, 20X7. d. Prepare the journal entry for the admission of Hill on January 1,208. Prev 5 of 5 Wext > Prepare the journal entry for the admission of HIII on January 1,208. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Tnuxnal antro warkshent Fole: Drier ofbnes begort oresta. d the transfer of income to the partners. niter debits before credits. The partnership of Jordan and O'Neal began business on January 1, 20x7. Each partner contributed the following assets (the noncash assets are stated at their fair values on January 1,207 : The land was subject to a $51,000 mortgage, which the parthership assumed on January 1, 20X7. The equipment was subject to an installment note payable that had an unpaid principal amount of $21,900 on January 1, 20X7. The partnership also assumed this note payable. Jordan and O'Neal agreed to share partnership income and losses in the following manner: 1. Inventory was acquired at a cost of $31,800. At December 31,207, the partnership 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 parthership $21,500. 5. Selling and general expenses, excluding depreciation, amounted to $34,400. At December 31,207, the parthership owed $6,900 of accrued expenses, Depreciation expense was $6,600. 6. Each partner withdrew $250 each week in anticipation of parthership profits. 7. The partnership's inventory at December 31, 20X7, was $20,800. 8. The partners allocated the net income for 207 and closed the accounts. Additional Information On January 1,208, the partnership decided to admit Hill to the partnership. On that date, Hill invested $113,100 of cash into the partnership for a 20 percent capital interest. Total partnership capital after Hill was admitted totaled $466,000. Required: a1. Prepare Journal entries to record the formation of the parthership on January 1,207. a2. Prepare journal entries to record the events that occurred during 207 including closing entries. b. Prepare the income statement for the Jordan-O'Neal Partnership for the year ended December 31, 20X7. d. Prepare the journal entry for the admission of Hill on January 1,208. Prev 5 of 5 Wext > Prepare the journal entry for the admission of HIII on January 1,208. Note: if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Tnuxnal antro warkshent Fole: Drier ofbnes begort oresta. d the transfer of income to the partners. niter debits before credits
