Question

1) journalize the entries to record the investment of (1) Schmidt and (2) Cohen in the partnership accounts.

2) Prepare a balance sheet as of June 1, 2016, the date of formation of the partnership of Schmidt and Cohen.

ACCT 211 2C A-Principles of Entries and Balance Sheet for Partnership On June 1, 2016, Kevin Schmidt and David Cohen form a partnership. Schmidt agrees to invest $15,800 cash and capital to $106,000. Details regarding the book values of the business assets and liabilities, and the agreed valuation Cohen's Ledger Agreed-Upon Balance Valuation $24,200 $19,600 1,400 37,700 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (current) The net value represents equipment less accumulated depreciation 1,100 28,100 47,400 15,800 8,500 5,200 46,000 (net) 8,500 5,200 The partnership agreement includes the following provisions regarding the division of net income interest org% om Required: ACCT 211 2C A-Principles of Entries and Balance Sheet for Partnership On June 1, 2016, Kevin Schmidt and David Cohen form a partnership. Schmidt agrees to invest $15,800 cash and capital to $106,000. Details regarding the book values of the business assets and liabilities, and the agreed valuation Cohen's Ledger Agreed-Upon Balance Valuation $24,200 $19,600 1,400 37,700 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (current) The net value represents equipment less accumulated depreciation 1,100 28,100 47,400 15,800 8,500 5,200 46,000 (net) 8,500 5,200 The partnership agreement includes the following provisions regarding the division of net income interest org% om Required