On July 1, 2022, Alleya Amrick and Breanne Balas formed a partnership to make crafts and sell
Question:
On July 1, 2022, Alleya Amrick and Breanne Balas formed a partnership to make crafts and sell them online.
Required
1. Prepare journal entries for the following dates:
a. July 1, 2022
b. June 20, 2023
c. June 30, 2023
d. July 1, 2023
2. Calculate the balance in each partner’s capital account immediately after the July 1, 2023, entry.
Contribution (at formation on July 1 a $43,000 note payable was taken by the partners to purchase added equipment) Profit sharing Cash withdrawal June 20, 2023 Amrick $100,000 cash $183,000 equipment $153,000 salary allowance 10% of original capital investments Balance 40% Balas $183,000 cash $140,000 equipment 10% of original capital investments Balance 60% $103,000
Step by Step Answer:
Part 1 a b C 2022 July 1 2023 June 20 2023 June 31 Cash Equipment Alleva Amrick Capital Breanne Bala...View the full answer
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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