Rent Expense $ 61,000

Utilities Expense 19,704

Salaries Expense 418,900

Telephone Expense 6,354

Depreciation Expense 7,801

Miscellaneous Expense 1,200

Prepare the journal entry to record these expenses. Assume that cash was paid for the expenses where appropriate. Use the date December 31, 2020 for the(se) transaction(s).

6. Ries withdrew $65,000, Bax withdrew $58,000 and Thomas withdrew $77,000 from the partnership. Prepare the journal entry necessary to record the withdrawals. Use the date December 31, 2020.

7. In the general journal, prepare a closing entry, using a December 31, 2020 date, to close revenues.

8. In the general journal, prepare a closing entry, using a December 31, 2020 date, to close expenses.

9. On the Lab 2 Work tab, show the amount of net income for 2020. Show the calculations which allocates the net income among the three partners. (Hint- the interest allowance should be based on the capital account balance after completing item 3 above). Prepare a journal entry in the general journal to allocate the income.

10. On the General Ledger tab of the Excel template, determine the updated balance of the capital accounts by posting to the capital accounts the information from requirement number 9.

11. On the general journal tab prepare the entry to close the withdrawals.

12. On the General Ledger tab of the Excel template, determine the updated balance of the capital accounts by posting to the capital accounts the information from requirement number 11.

13. On January 1, 2021 Patrick Trubisky was admitted as a partner into the partnership. The agreement was that Patrick would invest $145,065 cash into the partnership and receive a 28% ownership interest. Prepare the journal entry, in the general journal, to record the admission of Trubisky into the partnership. Round Trubiskys capital account to the nearest dollar. Ries, Bax and Thomas will share or absorb any bonus in the ratio of 2:4:4.

14. On the General Ledger tab of the Excel template, determine the updated balance of the capital accounts by posting to the capital accounts the information from requirement number 13.

15. On March 1, 2021 Tammy Bax wanted out of the partnership. The partnership agreed to pay her $128,242 for her partnership interest. Bax accepted and took off to Alaska. The remaining partners agreed to share any bonus equally. In the general journal, prepare the journal entry to record the withdrawal of Bax from the partnership in the general journal.

16. On the General Ledger tab of the Excel template, determine the updated balance of the capital accounts by posting to the capital accounts the information from requirement number 15.