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On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau $304,000 cash Lavoi $202,000 land $144,900 building Contribution Profit sharing Cash withdrawal March 20, 2023 $184,800 salary allowance View transaction list 5% of original capital investments 40% of remaining 5% of original capital investments 60% of remaining $129,800 Net Income during the year was $509,600 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $139,400 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 $304,000 cash Lavoi $202,000 land $144,900 building Contribution Profit sharing Cash withdrawal March 20, 2023 $184,800 salary allowance View transaction list 5% of original capital investments 40% of remaining 5% of original capital investments 60% of remaining $129,800 Net Income during the year was $509,600 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $139,400 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. Lavoi Comeau $304,000 cash $202,000 land $144,900 building Contribution Profit sharing Cash withdrawal March 20, 2023 a. Net Income during the year was $509,600 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $139,400 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. April 1, 2022 View transaction list View transaction list Journal entry worksheet Record the formation of partnership. Note: Enter debits before credits. Date April 01, 2022 < 1 $184,800 salary allowance. Journal entry worksheet 5% of original capital investments 40% of remaining Note: Enter debits before credits. Date April 01, 2022 General Journal Record the formation of partnership. Record entry 5% of original capital investments 60% of remaining $129,800 M General Journal Amelie Lavoi, capital Amelie Lavoi, withdrawals Building Cash Guy Comeau, capital Clear entry Debit Credit > Debit Credit View general journal
Transcribed Image Text:On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Lavoi Comeau $304,000 cash $202,000 land $144,900 building Contribution Profit sharing Cash withdrawal March 20, 2023 a. Net Income during the year was $509,600 and was in the Income Summary account. On April 1, 2023 Travis Roberts invested $139,400 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. April 1, 2022 View transaction list View transaction list Journal entry worksheet Record the formation of partnership. Note: Enter debits before credits. Date April 01, 2022 < 1 $184,800 salary allowance. Journal entry worksheet 5% of original capital investments 40% of remaining Note: Enter debits before credits. Date April 01, 2022 General Journal Record the formation of partnership. Record entry 5% of original capital investments 60% of remaining $129,800 M General Journal Amelie Lavoi, capital Amelie Lavoi, withdrawals Building Cash Guy Comeau, capital Clear entry Debit Credit > Debit Credit View general journal
b. March 20, 2023 View transaction list Journal entry worksheet < Record the withdrawal by partner. Note: Enter debits before credits. Date Mar 20, 2023 c. March 31, 2023 View transaction list Journal entry worksheet Record the closing of profit to capital. Note: Enter debits before credits. Date Mar 31, 2023 d. April 1, 2023 View transaction list 1 General Journal Journal entry worksheet < Note: Enter debi my wo Record the Amelie Lavoi, withdrawals Building Cash Date April 01, 2023 General Journal Comeau, capital Lavoi, capital Roberts, capital Guy Comeau, capital Guy Comeau, withdrawals Debit ▾ Debit Debit Credit Credit Credit > > 2. Calculate the balance in each partner's capital account immediately after the April 1, 2023, entry.
Transcribed Image Text:b. March 20, 2023 View transaction list Journal entry worksheet < Record the withdrawal by partner. Note: Enter debits before credits. Date Mar 20, 2023 c. March 31, 2023 View transaction list Journal entry worksheet Record the closing of profit to capital. Note: Enter debits before credits. Date Mar 31, 2023 d. April 1, 2023 View transaction list 1 General Journal Journal entry worksheet < Note: Enter debi my wo Record the Amelie Lavoi, withdrawals Building Cash Date April 01, 2023 General Journal Comeau, capital Lavoi, capital Roberts, capital Guy Comeau, capital Guy Comeau, withdrawals Debit ▾ Debit Debit Credit Credit Credit > > 2. Calculate the balance in each partner's capital account immediately after the April 1, 2023, entry.
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