Week 6: Partnerships
Required Journal Entries:
1-Feb	Mark and Paul form a legal partnership. Mark invests $25,000 cash and Paul invests $32,000 cash into the company.
31-Oct	The partnership earned $65,000 income in the first year of operations. o The partners agreed to share income equally o The partners agreed to share income in proportion to their initial investments.
31-Oct	The partnership lost $17,000 income in the first year of operations. o The partners agreed to share loss equally o The partners agreed to share loss in proportion to their initial investments.
General Journal
Date	Account	PR	Dr	Cr
Week 6