Question 11 of 12 - / 15 !!! View Policies Current Attempt in Progress On March 2, 2020. Zoe Moreau, Karen Krneta, and Veronica Visentin start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2-3 ratio for Zoe, Karen and Veronica, respectively. The following are the transactions for WILDHORSE Personal Coaching 2020 Mar.2 The partners contribute assets to the partnership at the following agreed amounts Z. Moreau $15,300 Cash Furniture Equipment Total K. Krneta V. Visentin $10,700 $20,000 16,800 14,350 $27,500 $34,350 19.050 $34,350 They also agree that the partnership will assume responsibility for Karen's note payable of $4,600. Zoe, Karen, and Veronica each withdraw $30,500 cash as a "year-end bonus." No other withdrawals were made during Dec. 20 31 the year. Total profit for 2020 was $109,000. 2021 Jan. 5 Zoe and Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $15.050 cash from the partnership Question 11 of 12 -/15 E VESES SITES Dec. 20 . . (Record cash drawings.) Dec 31 I (To close Income Summary) 2021 Jan 5 (To record withdrawal of partner.) Dec. 20 Do Question 11 of 12 -/15 (To record withdrawal of partner) Dec. 20 . . I (To record cash drawings Dec 31 . (To close Income Summary) 2022 Jan, 4 . (To record admission of partner.) (To record admission of partner.) Prepare the partners' equity section of the balance sheet after Dela is admitted to the partnership WILDHORSE PERSONAL COACHING Balance Sheet (Partial) . Attempts: 0 of 1 used Submit Answer Save for Later