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On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau $286,100 cash Contribution Profit sharing Cash withdrawal March 20, 2023 $174,700 salary allowance Lavoi $218,000 land $132,500 building 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $129,800 Net Income during the year was $560,000 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $146,300 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2022

On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau $286,100 cash Contribution Profit sharing Cash withdrawal March 20, 2023 $174,700 salary allowance Lavoi $218,000 land $132,500 building 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $129,800 Net Income during the year was $560,000 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $146,300 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2022

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau $286,100 cash Contribution Profit sharing Cash withdrawal March 20, 2023 Lavoi $218,000 land $132,500 building $174,700 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $129,800 Net Income during the year was $560,000 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $146,300 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2022
Transcribed Image Text:On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau $286,100 cash Contribution Profit sharing Cash withdrawal March 20, 2023 Lavoi $218,000 land $132,500 building $174,700 salary allowance 5% of original 5% of original capital investments capital investments 40% of remaining 60% of remaining $129,800 Net Income during the year was $560,000 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $146,300 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2022
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