
(a)
Journalizing: It is the process of recording the transactions of an organization in a chronological order. Based on these
Accounting rules for journal entries:
- To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
- To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.
Classified Balance Sheet: This is a financial statement where the assets, liabilities, and
To prepare: Journal entries to record transfer of each proprietorship asset and liability to the partnership.
(b)
To prepare: Journal entries for additional cash investment by each partner.
(c)
To prepare: A classified balance sheet for the partnership on January 1, 2017.

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Chapter 12 Solutions
Accounting Principles 12th Edition
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