2 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 3 4 Beginning Capital Balances - Jan 1 5 Additional investment 6 Withdrawls 7 8 9 10 Additional investment 11 Net Income 12 Withdrawls 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Beginning Capital Balances Ending Capital Balances Date Dec. 31 Dec. 31 Dec. 31 Account Title To record investment by partner ▼ To record withdrawl by partner To close partner drawings account Magda 147,000.00 125,000.00 12,000.00 0.00 0.00 4,000.00 Magda Debit Sue Sue Credit Total Account Title: Cash Income Summary Magda, Capital Sue, Capital Magda, Drawings Sue, Drawings
2 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 3 4 Beginning Capital Balances - Jan 1 5 Additional investment 6 Withdrawls 7 8 9 10 Additional investment 11 Net Income 12 Withdrawls 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Beginning Capital Balances Ending Capital Balances Date Dec. 31 Dec. 31 Dec. 31 Account Title To record investment by partner ▼ To record withdrawl by partner To close partner drawings account Magda 147,000.00 125,000.00 12,000.00 0.00 0.00 4,000.00 Magda Debit Sue Sue Credit Total Account Title: Cash Income Summary Magda, Capital Sue, Capital Magda, Drawings Sue, Drawings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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can you complste this and leave every calculation that you made so I can understand.
Transcribed Image Text:2
3
4 Beginning Capital Balances - Jan 1
Additional investment
Withdrawls
LC
5
6
7
8
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
x
9 Beginning Capital Balances
10 Additional investment
11 Net Income
12 Withdrawls
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
Ending Capital Balances
Date
Dec. 31
Dec. 31
Dec. 31
Account Title
To record investment by partner
To record withdrawl by partner
To close partner drawings account
Magda
147,000.00
0.00
4,000.00
Magda
Debit
Sue
125,000.00
12,000.00
0.00
Sue
Credit
Total
Account Title:
Cash
Income Summary
Magda, Capital
Sue, Capital
Magda, Drawings
Sue, Drawings
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