Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

right answer please Problem 11-5A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On April 1, 2019. Guy Comeau and Amelie Lavoi

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

right answer please

Problem 11-5A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On April 1, 2019. Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Contribution Profit sharing Comeau Lavoi $271,200 cash $202,000 land $144,900 building $163,000 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $129,800 Cash withdrawal March 20, 2020 Net Income during the year was $554,400 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $147,700 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2019 Answer is complete and correct. No Date General Journal Debit Credit 1. Prepare journal entries for the following dates. a. April 1, 2019 Answer is complete and correct. No Date General Journal Debit Credit 1 April 01, 2019 Cash Land 271,200 202,000 144,900 Building Guy Comeau, capital Amelie Lavoi, capital 271,200 346,900 b. March 20, 2020 Answer is complete and correct. No Date Debit General Journal Amelie Lavoi, withdrawals Credit 1 Mar 20.2020 129,800 I b. March 20.2020 Answer is complete and correct. No Date Debit Credit 1 Mar 20, 2020 General Journal Amelie Lavoi, withdrawals Cash 129,800 129,800 c. March 31, 2020 Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Mar 31, 2020 554 400 Income summary Guy Comeau, capital 409.700 X Prey 9 of 11 Next > c. March 31, 2020 Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Mar 31, 2020 554 400 Income summary Guy Comeau, capital Amelie Lavoi, capital 409.700 X 147.700 d. April 1, 2020 Answer is not complete. No Date General Journal Debit Credit 2. Calculate the balance in each partner's capital account immediately after the April 1, 2020, entry. Comeau, capital Lavoi, capital Roberts, capital

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: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Accounting Theory

Authors: Ahmed Raihi-Belkaoui

5th Edition

1844800296, 978-1844800292

More Books

Students also viewed these Accounting questions