Hi! Could you verife what I did. Could you take into accout the comment that are written. Please. For the second comment on the picture a) it's between; cash, income summary, sue capital, madga capital and sur drawing. 12ATextbook LO 15.3Prepare Magda and Sue's capital account balances as of Dec 31 based on thefollowing additional information. Journalize capital contributions, drawings andclosing the drawings account34 Beginning Capital Balances - Jan 15 Additional investment6 Withdrawls78910 Additional investment11121314151617181920212223242526Beginning Capital BalancesNet IncomeWithdrawlsEnding Capital BalancesDateDec. 31 CashBDec. 31Dec. 31Account TitleSue, CapitalTo record investment by partnerMagda, CapitalCashTo record withdrawl by partnerMagda, CapitalCMagda, DrawingsTo close partner drawings accountMagdaSue147,000.00 125,000.000.0012,000.004,000.000.00DSueMagda147,000.00 125,000.00$12,000-$4,000$143,000 $137,000Debit12,000.004,000.004,000.00Credit12,000.004,000.00E4,000.00Total272,00012,0004,000$280,000FHIJyou want to carry over the net ncome from the previoustab in order to arrive at correct ending balances. This is acontinuation of the previous tabwhat account do you use to record withdrawls?10 123456Cash7 Equipment, Cost8 Equipment, Accumulated Depreciation9Accounts receivable10Allowance for Doubtful Accounts111213141516171819202122232425262728DateMay. 1May. 1ATextbook LO 15.2On May 1, 2022, Dale and Ciara formed a partnership. Each contributed assets asunder. Prepare a separate journal entry to record each partner's contributions.BAccount TitleCashCiara, CapitalTo record partner contributionAccounts ReceivableEquipmentDale, CapitalTo record partner contributionCashEquipmentAccounts ReceivableCiara, CapitalDale, Capital▼▼CсYBook ValueCiara8,0008,000Debit8,000.00D2,000.006,400.00Dale6,800-1,2002,300-3007,600Credit8,000.00E8,400.00Fair ValueCiara8,0008,000FDale6,4001,6008,000GHall assets are accounted for at fairvalue at the time of formation.I

As per the Honor code of Bartleby we are bound to give the answer of first question only, please…

2 3 Prepare Magda and Sue's capital account balances as of Dec 31 based on the following additional information. Journalize capital contributions, drawings and closing the drawings account 4 5 Additional investment 6 Withdrawls 7 8 Beginning Capital Balances - Jan 1 9 Beginning Capital Balances 10 Additional investment 11 Net Income 12 Withdrawls 13 Ending Capital Balances 14 21 22 23 24 25 26 15 Date 16 17 18 19 20 Dec. 31 Account Title Cash Sue, Capital To record investment by partner Dec. 31 Magda, Capital Cash To record withdrawl by partner Dec. 31 Magda, Capital Magda, Drawings To close partner drawings account Magda Sue 147,000.00 125,000.00 0.00 12,000.00 0.00 4,000.00 Magda Sue 147,000.00 125,000.00 $12,000 -$4,000 $143,000 Debit 12,000.00 4,000.00 4,000.00 $137,000 Credit 12,000.00 4,000.00 4,000.00 Total 272,000 12,000 4,000 $280,000 you want to carry over the net ncome from the previous tab in order to arrive at correct ending balances. This is a continuation of the previous tab what account do you use to record withdrawls?

2 3 Prepare Magda and Sue's capital account balances as of Dec 31 based on the following additional information. Journalize capital contributions, drawings and closing the drawings account 4 5 Additional investment 6 Withdrawls 7 8 Beginning Capital Balances - Jan 1 9 Beginning Capital Balances 10 Additional investment 11 Net Income 12 Withdrawls 13 Ending Capital Balances 14 21 22 23 24 25 26 15 Date 16 17 18 19 20 Dec. 31 Account Title Cash Sue, Capital To record investment by partner Dec. 31 Magda, Capital Cash To record withdrawl by partner Dec. 31 Magda, Capital Magda, Drawings To close partner drawings account Magda Sue 147,000.00 125,000.00 0.00 12,000.00 0.00 4,000.00 Magda Sue 147,000.00 125,000.00 $12,000 -$4,000 $143,000 Debit 12,000.00 4,000.00 4,000.00 $137,000 Credit 12,000.00 4,000.00 4,000.00 Total 272,000 12,000 4,000 $280,000 you want to carry over the net ncome from the previous tab in order to arrive at correct ending balances. This is a continuation of the previous tab what account do you use to record withdrawls?

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 15.5CP

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