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 equally between the owners. Twocheques 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, theclosing of the Income Summary account, and the withdrawals or dividends under these alternative assumptions:a. The business is a partnership.View transaction listJournal entry worksheet<1234and the investment into business by partners.4 b. The business is a corporation that issued 1,000 common shares. Cash dividend account is used for declaring dividendsView transaction listJournal entry worksheet<12 34Note: Enter debits before credits.DateFebruary 145Record the issuance of common shares.General JournalDebit4Credit

Name: Please do not give solution in image format ? Surj Uppal and Parvinder
Uploaded: 2024-03-04T10:43:15.000Z
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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