On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Net Income during

Question:

On April 1, 2022, Guy Comeau and Amelie Lavoi formed a partnership in Ontario.


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Net Income during the year was $560,000 and was in the Income Summary account.On April 1, 2023 Travis Roberts invested $138,000 and was admitted to the partnership for a 20% interest in equity.


Required


1. Prepare journal entries for the following dates:


a. April 1, 2022


b. March 20, 2023


c. March 31, 2023


d. April 1, 2023


2. Calculate the balance in each partner’s capital account immediately after the April 1, 2023, entry.

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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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