1.What would the appropriate journal entry be for the receipt of interest income of $10,000? Dr. Cash $10,000 / Cr. Interest Income $10,000 Dr. Revenue $10,000 / Cr. Cash $10,000 Dr. Interest Income $10,000 / Cr. Cash $10,000 Dr. Revenue $10,000 / Cr. Interest Income $10,000

2.What would the appropriate journal entry be for accruing expenses of $50,000? Dr. Cash $50,000 / Cr. Accrued Expenses $50,000 Dr. Expense $50,000 / Cr. Accrued Expenses $50,000 Dr. Expense $50,000 / Cr. Cash $50,000 Dr. Accrued Expenses $50,000 / Cr. Cash $50,000

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3.

The chart below has the cash invested by each Limited Partner in a Limited Partnership and the equity ownership percentage for each Limited Partner. If the Limited Partnership earned $200,000 for the year, how much would be given to Limited Partner A?

	Cash Invested	Equity Ownership %
Limited Partner A	$20,000.00	40
Limited Partner B	$40,000.00	30
Limited Partner C	$40,000.00	30
Total	$100,000.00	100

$20,000.00

$40,000.00

$60,000.00

$80,000.00

4. Please refer to the chart above. If Limited Partner D was allowed into the Limited Partnership by paying $100,000 and getting 30% Equity Ownership, with Limited Partners A, B, and C each giving up 10% of their ownership to Limited Partner D, how much of the $200,000 in partnership earnings described in the example above would Limited Partner A and Limited Partner D be given, respectively?

$30,000 and $60,000

$60,000 and $60,000

$80,000 and $100,000

$60,000 and $100,000