Return On March 1, 2017, Eckert and Kelley formed a partnership Eckert contributed $72,000 cash and Kelley contributed land valued at $57,600 and a building valued at $87,600. The partnership also assumed responsibility for Kelley's $62,000 long term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $31,500, both are to receive an annual interest allowance of 9% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2017, Eckert withdrew $30.000 cash and Kelley withdrew $23,000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2017, the Income Summary account had a credit balance of $84,000. Required: 10. & 1b. Prepare journal entries to record the partners' initial investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' Withdrawals accounts 2. Determine the balances of the partners capital accounts as of December 31, 2017 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A and 18 Regic Reg 2 Prepare journal entries to record the partners' Initial capital investments and their subsequent cash withdrawals. Check my work mode: This shows what is does not indicate completion. Return On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $72,000 cash and Kelley contributed land valued at $57,600 and a building valued at $87,600. The partnership also assumed responsibility for Kelley's $62,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $31,500 both are to receive an annual interest allowance of 9% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2017, Eckert withdrew $30,000 cash and Kelley withdrew $23,000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2017, the Income Summary account had a credit balance of 584,000. Required: 19. & 1b. Prepare journal entries to record the partners' initial investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' 2. Determine the balances of the partners' capital accounts as of December 31, 2017 Withdrawals accounts Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A and 18 Reg IC Reg 2 Prepare journal entries to record the nartneraliniaranit Innment Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completior Retur On March 1, 2017, Eckert and Kelley formed a partnership. Eckert contributed $72,000 cash and Kelley contributed land valued at $57600 and a building valued at $87,600. The partnership also assumed responsibility for Kelley's $62,000 long term note payable associated with the land and building. The partners agreed to share income as follows: Eckert is to receive an annual salary allowance of $31,500, both are to receive an annual interest allowance of 9% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2017, Eckert withdrew $30,000 cash and Kelley withdrew $23,000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2017, the Income Summary account had a credit balance of $84,000. Required: 19. & 1b. Prepare journal entries to record the partners' initial investments and their subsequent cash withdrawals. 1c. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners 2. Determine the balances of the partners' capital accounts as of December 31, 2017 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A and 18 Reg 10 Reg 2 Prepare journal entries to record the partners' Initial capital investments and their subsequent cash withdrawals. to search RI a
