Financial Accounting
15th Edition
ISBN: 9781337272124
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 12, Problem 1PEB
To determine
Record the
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Journalizing Partner's Original Investment
Xi Lin contributed land, inventory, and $22,000 cash to a partnership. The land had a book value of $66,000 and a market value of $121,000. The inventory had a book
value of $79,300 and a market value of $73,700. The partnership also assumed a $48,000 note payable owed by Lin that was used originally to purchase the land.
Required:
Provide the journal entry for Lin's contribution to the partnership. If an amount box does not require an entry, leave it blank.
C. Shelton contributed land, inventory and $58,000 cash to a partnership. The land had a book value of $20,000 and a market value of $48,000. The inventory had a book value of $50,000 and a market value of $45,000. In the journal entry to record Shelton's contribution to the partnership, what account should be credited and for what amount?
JOURNAL
Date
Description
P.Ref
DEBIT
CREDIT
Cash
Inventory
Land
(?)
(?)
Group of answer choices
Cash credited for $128,000
C. Shelton, Capital credited for $151,000
C. Shelton, Capital credited for $128,000
none of the above answers are correct
Josh Beach contributed land, inventory, and $24,000 cash to a partnership. The land had a book value of $65,000 and a market value of $114,000. The inventory had a book value of $60,000 and a market value of $56,000. The partnership also assumed a $50,000 note payable owed by Beach that was used originally to purchase the land. Provide the journal entry for Beach’s contribution to the partnership. Journalize partner’s original investment
Chapter 12 Solutions
Financial Accounting
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 1PEACh. 12 - Prob. 1PEBCh. 12 - Prob. 2PEACh. 12 - Prob. 2PEBCh. 12 - Prob. 3PEACh. 12 - Prob. 3PEBCh. 12 - Prob. 4PEACh. 12 - Prob. 4PEBCh. 12 - Prob. 5PEACh. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 6PEACh. 12 - Prob. 6PEBCh. 12 - Revenue per employee Niles and Cohen, CPAs earned...Ch. 12 - Prob. 7PEBCh. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Prob. 8ECh. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Statement of members equity, admitting new member...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Liquidating partnershipscapital deficiency Lewis,...Ch. 12 - Prob. 21ECh. 12 - Prob. 22ECh. 12 - Statement of partnership liquidation After closing...Ch. 12 - Prob. 24ECh. 12 - Prob. 25ECh. 12 - Revenue per professional staff The accounting firm...Ch. 12 - Prob. 27ECh. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - Prob. 4PACh. 12 - Statement of partnership liquidation After the...Ch. 12 - Prob. 6PACh. 12 - Prob. 1PBCh. 12 - Prob. 2PBCh. 12 - Prob. 3PBCh. 12 - Prob. 4PBCh. 12 - Statement of partnership liquidation After the...Ch. 12 - On August 3, the firm of Chapelle, Rock, and Pryor...Ch. 12 - Prob. 1CPCh. 12 - Prob. 3CPCh. 12 - Prob. 4CP
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