Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

prepare journal entries prepare journal entries for : a. April 1, 2019 b. b. March 20, 2020 c. March 31, 2020 d. April 1, 2020

image text in transcribed

prepare journal entries

image text in transcribed

prepare journal entries for : a. April 1, 2019

b. b. March 20, 2020

c. March 31, 2020

d. April 1, 2020

On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau Lavoi $309,900 cash $212,000 land $144,900 building $181,400 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $120,400 Cash withdrawal March 20, 2020 Net Income during the year was $616,000 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $127,000 and was admitted to the partnership for a 20% interest in equity. On April 1, 2019, Guy Comeau and Amelle Lavol formed a partnership in Ontaria Contribution PORE Sharing $109,900 cash 3212, e land $144,900 building $181,400 any lowance E foriginal SX o original Capital Investits capital investents 4 eininger of retaining $120.400 Cash withdrawal March 20, 2 Net Income during the year was $616,000 and was in the Income Summary account On April 1, 2020 Travis Roberts invested $127.000 and was admitted to the partnership for 20% interest in equity Required: 1. Prepare journal entries for the following dates a. April 1, 2019 Credit April 01, 2010 Building 300.000 000 Www h March 20/2020

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_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

What do you mean by Dividend ?

Answered: 1 week ago

Question

What is database?

Answered: 1 week ago

Question

What are Mergers ?

Answered: 1 week ago