College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 19, Problem 1SEB
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Partnership Opening Entries
Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners.
According to the agreement, Morris is to contribute $40,000 cash and Laski is to
contribute $65,000 cash.
Provide a separate journal entry for the investment of each partner.
Page: 1
DOC. POST.
NO. REF.
DATE
ACCOUNT TITLE
DEBIT CREDIT
20--
Sept. 1
2.
3
4 Sept. 1
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6.
N m + no
The partners in the Majesty partnership have agreed that partner Prince may sell his $150,000 equity in the partnership to Queen, for
which Queen will pay Prince $120,000. Present the partnership's journal entry to record the sale on April 30.
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Journal entry worksheet
1
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Record the admission of Queen.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Apr 30
Record entry
Clear entry
View general journal
Admitting New Partner With Bonus Admitting New Partner With Bonus L. Bowers and V. Lipscomb are partners in Elegant Event Consultants. Bowers and Lipscomb share income equally. M. Ortiz will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $20,000. The capital balances of each partner are $75,000 and $101,500, respectively, prior to the revaluation. Question Content Area a. Provide the journal entry for the asset revaluation. If an amount box does not require an entry, leave it blank.b. Provide the journal entry for Ortiz’s admission under the following independent situations:
1. Ortiz purchased a 20% interest for $34,000. If an amount box does not require an entry, leave it blank.
2. Ortiz purchased a 30% interest for $85,000. If an amount box does not require an entry, leave it blank.
Chapter 19 Solutions
College Accounting, Chapters 1-27
Ch. 19 - Prob. 1TFCh. 19 - Prob. 2TFCh. 19 - Prob. 3TFCh. 19 - Prob. 4TFCh. 19 - Prob. 5TFCh. 19 - Prob. 1MCCh. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MC
Ch. 19 - Prob. 1CECh. 19 - Prob. 2CECh. 19 - Prob. 3CECh. 19 - Prob. 4CECh. 19 - Prob. 5CECh. 19 - Prob. 1RQCh. 19 - Prob. 2RQCh. 19 - Prob. 3RQCh. 19 - Prob. 4RQCh. 19 - Prob. 5RQCh. 19 - Prob. 6RQCh. 19 - Prob. 7RQCh. 19 - Prob. 8RQCh. 19 - Prob. 9RQCh. 19 - Prob. 1SEACh. 19 - Prob. 2SEACh. 19 - Prob. 3SEACh. 19 - Prob. 4SEACh. 19 - ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of...Ch. 19 - Prob. 6SPACh. 19 - Prob. 7SPACh. 19 - Prob. 8SPACh. 19 - Prob. 9SPACh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1SEBCh. 19 - Prob. 2SEBCh. 19 - Prob. 3SEBCh. 19 - Prob. 4SEBCh. 19 - Prob. 5SEBCh. 19 - Prob. 6SPBCh. 19 - Prob. 7SPBCh. 19 - ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings...Ch. 19 - Prob. 9SPBCh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1MYWCh. 19 - Prob. 1ECCh. 19 - Prob. 1MPCh. 19 - Prob. 1CPCh. 19 - Prob. 1COP
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