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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
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, capitalStep by Step Solution
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