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Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $15,500 cash and merchandise inventory valued at $41,900. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $104,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Balance Agreed-Upon Balance Accounts Receivable $23,700 $19,200 Allowance for Doubtful Accounts 1,000 1,300 Merchandise Inventory 27,600 37,000 Equipment 46,500 45,100 Accumulated Depreciation-Equipment 15,500 Accounts Payable 8,400 8,400 Notes Payable (current) 5,100 5,100 The partnership agreement includes the following provisions regarding the division of net income: interest of 8% on original investments, salary allowances of $46,500 (Lang) and $28,400 (Capri), and the remainder equally. Required: 1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amount box does not require an entry, leave it blank. ACCOUNT DEBIT CREDIT Apr. 1 Cash Merchandise Inventory Whitney Lang, Capital Apr. 1 Cash Accounts Receivable Merchandise Inventory Equipment Allowance for Doubtful Accounts Accounts Payable Notes Payable Whitney Lang, Capital 2. Prepare a balance sheet as of April 1, 2011, the date of formation of the partnership of Lang and Capri. Lang and Capri Balance Sheet April 1, 20Y1 Assets Current assets: Cash Accounts Receivable Less Allowance for Doubtful Accounts Merchandise Inventory Total current assets Property, plant, and equipment: Equipment Total assets Liabilities Current liabilities: Accounts Payable Notes Payable Total liabilities Partners' Equity Whitney Lang, Capital Eli Capri, Capital Total partners' equity Total liabilities and partners' equity 3. After adjustments at March 31, 2012, the end of the first full year of operations, the revenues were $403,000 and expenses were $251,000, for a net income of $152,000. The drawing accounts have debit balances of $53,000 (Lang) and $46,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 2012. If an amount box does not require an entry, leave it blank. ACCOUNT DEBIT CREDIT Mar 31 Mar. 31 Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $15,500 cash and merchandise inventory valued at $41,900. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $104,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Balance Agreed-Upon Balance Accounts Receivable $23,700 $19,200 Allowance for Doubtful Accounts 1,000 1,300 Merchandise Inventory 27,600 37,000 Equipment 46,500 45,100 Accumulated Depreciation-Equipment 15,500 Accounts Payable 8,400 8,400 Notes Payable (current) 5,100 5,100 The partnership agreement includes the following provisions regarding the division of net income: interest of 8% on original investments, salary allowances of $46,500 (Lang) and $28,400 (Capri), and the remainder equally. Required: 1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. If an amount box does not require an entry, leave it blank. ACCOUNT DEBIT CREDIT Apr. 1 Cash Merchandise Inventory Whitney Lang, Capital Apr. 1 Cash Accounts Receivable Merchandise Inventory Equipment Allowance for Doubtful Accounts Accounts Payable Notes Payable Whitney Lang, Capital 2. Prepare a balance sheet as of April 1, 2011, the date of formation of the partnership of Lang and Capri. Lang and Capri Balance Sheet April 1, 20Y1 Assets Current assets: Cash Accounts Receivable Less Allowance for Doubtful Accounts Merchandise Inventory Total current assets Property, plant, and equipment: Equipment Total assets Liabilities Current liabilities: Accounts Payable Notes Payable Total liabilities Partners' Equity Whitney Lang, Capital Eli Capri, Capital Total partners' equity Total liabilities and partners' equity 3. After adjustments at March 31, 2012, the end of the first full year of operations, the revenues were $403,000 and expenses were $251,000, for a net income of $152,000. The drawing accounts have debit balances of $53,000 (Lang) and $46,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 2012. If an amount box does not require an entry, leave it blank. ACCOUNT DEBIT CREDIT Mar 31 Mar. 31
