Surj Uppal and Parvinder Atwal began a new business on February 14, when each invested $161,500 in the company. On December 20, it was decided that $62,200 of the company's cash would be distributed equally between the owners. Two cheques for $31,100 were prepared and given to the owners on December 23. On December 31, the company reported a $124,400 profit. Required: Prepare two sets of journal entries to record the investments by the owners, the distribution of cash to the owners, the closing of the Income Summary account, and the withdrawals or dividends under these alternative assumptions: a. The business is a partnership. View transaction list Journal entry worksheet 1 2 3 4

Surj Uppal and Parvinder Atwal began a new business on February 14, when each invested $161,500 in the company. On December 20, it was decided that $62,200 of the company's cash would be distributed equally between the owners. Two cheques for $31,100 were prepared and given to the owners on December 23. On December 31, the company reported a $124,400 profit. Required: Prepare two sets of journal entries to record the investments by the owners, the distribution of cash to the owners, the closing of the Income Summary account, and the withdrawals or dividends under these alternative assumptions: a. The business is a partnership. View transaction list Journal entry worksheet 1 2 3 4

Name: Please do not give solution in image format ? Surj Uppal and Parvinder
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Description: Please do not give solution in image format ? Surj Uppal and Parvinder Atwal began a new business on February 14, when each invested $161,500 in the company. OnDecember 20, it was decided that $62,200 of the company's cash would be distributed equall

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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