Co = Homework: Chapter 12 Question 3, Problem 12-6B (alt1) Part 1 of 10 HW Score: 0%, 0 of 10 points O Points: 0 of 2 Save On June 10, 2017, Steven Hubert and Sarah Abela have agreed to pool their assets and form a partnership to be called H&A Distributing. They agree to share all profits equally and make the following initial investments: Hubert Abela Cash $ Accounts receivable (net). 17,000 $ 41,000 47,000 32,000 20,000 26,000 Office furniture (net) Dec. 31 The partnership's reported net income was $220,000, for the year ended December 31, 2017. (Click on the icon to the partnership activity.) Required Requirement 1. Journalize all the transactions for the partnership. Record the June 10, 2017 opening entry. (Record debits first, then credits. Explanations are not required. Round to the nearest cent if needed.) Journal Entry Accounts Debit Credit Date Jun. 10 Help me solve this Calculator Ask my instructor Clear all Check answer partnership activity 2018 uestion 3, 12-6B HW Score: 0% of 10 n Jan. 1 Hubert and Abela agree to accept Myra Smith into the partnership with a $175,000 investment for 40 percent of the business. The partnership agreement is amended to provide for the following sharing of profits and losses: Hubert Abela Smith ne Service. $ 125,000 $ 95,000 $ 85,000 Interest on capital balance before co allocation of income Eivity Balance of ratio of.. 5% 2 5% 5% 3 : 5 Dec. 31 The partnership's reported net income was $485,000. Journ 2019 10, 2 Oct. 10 Hubert withdrew $88,000 cash from the partnership and Abela withdrew $61,000 (Smith did not make any withdrawals). Dec. 31 The partnership's reported net income was $250,000. 2020 Jan. 2 After a disagreement as to the direction in which the partnership should be moving, Smith decided to withdraw from the partnership. The three partners agreed that Smith could take cash of $459,718.5 in exchange for her equity in the partnership. Print Done Clear all nitial investments: Hubert Abela 17,000 $ 41,000 32,000 20,000 Required 1. Journalize all the transactions for the partnership. 2. Prepare the partners' equity section of the balance sheet as of January 2, 2020. Print Done - X. They a ent if needed. alculator Ask my instructor Clear all Check