Alex Hemsley, Lakisha Laffey and Maddie Longshore, set up a limited Sability company at the beginning...

 

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Alex Hemsley, Lakisha Laffey and Maddie Longshore, set up a limited Sability company at the beginning of 2020. Alex contributed a machine worth $45,250. Lakisha contributed a van worth $27,150 Madde on contributed $18,100 in cash. The partnership earned a net income of $10.400 for the year. According to the operating agreement, profits are divided in the ratio of members Do not enter dollar skans or commas in the input boxes. Bound your answers to the nearest whole number. Enter the debit accounts in alphabetical order followed by the credit accounts in alphabetical.corder. al Record the entry for the division of the profits on December 31, 2020. Assume that revenues and expenses have already been closed to the income summary account Date Dec 31 Account Title and Explanation Date Dec 31 Income Summary + Hemsley, Capital Laffey, Capital Longshore, Capital ✔ To close income summary and update partners' capital accounts = Account Title and Explanation to Assume that instead of a profit, the partnership recorded a loss of $15,000. Record the entry for the division of the loss. Assume that revenues and expernes have alinady been closed to the income summary account Hemdey, Capital Laffey, Capital Longshore, Capital Income Summary To close income summary and update partners' capital account # Debit # 10400 Credit Debit Credit 15000 Alex Hemsley, Lakisha Laffey and Maddie Longshore, set up a limited Sability company at the beginning of 2020. Alex contributed a machine worth $45,250. Lakisha contributed a van worth $27,150 Madde on contributed $18,100 in cash. The partnership earned a net income of $10.400 for the year. According to the operating agreement, profits are divided in the ratio of members Do not enter dollar skans or commas in the input boxes. Bound your answers to the nearest whole number. Enter the debit accounts in alphabetical order followed by the credit accounts in alphabetical.corder. al Record the entry for the division of the profits on December 31, 2020. Assume that revenues and expenses have already been closed to the income summary account Date Dec 31 Account Title and Explanation Date Dec 31 Income Summary + Hemsley, Capital Laffey, Capital Longshore, Capital ✔ To close income summary and update partners' capital accounts = Account Title and Explanation to Assume that instead of a profit, the partnership recorded a loss of $15,000. Record the entry for the division of the loss. Assume that revenues and expernes have alinady been closed to the income summary account Hemdey, Capital Laffey, Capital Longshore, Capital Income Summary To close income summary and update partners' capital account # Debit # 10400 Credit Debit Credit 15000

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Part A Date Accounts Title and Explanation Debit Credit Dec31 Income Summary 10400 Hemsley Capital 5... View the full answer