need help with journal entries and analyze.

CTP Bonnes Assignment 1 For several years, Herschel Anderson had operated Management Consulting Company as its sole proprietor. On January 1 20x1, he formed a partnership with Richard Harris to operate the company under the name Harris Anderson Professional Management Consultants. Pertinent terms of the partnership agreement are as follows: 1 Anderson was to transfer to the partnership the accounts receivable, merchandise inventory, furniture and equipment, and all liabilities of the sole proprietorship in return for a partnership interest of 60 percent of the partnership capital Assets were appraised and transferred to the partnership at the appraised values Balances in the relevant accounts of Anderson's sole proprietorship at the close of business on December 31, 20X0, are shown below. Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Furniture and Equipent Allowance for Depreciation Furniture & Equipment Accounts Payable $135,750r 3,070 Cr 190,900 Dr. 120, 450 Dr. 76,360 Cr. 26,170 Cr Tences The two parties agreed to the following: There were unrecorded accounts payable of $4,090. Accounts receivable of $6130 were definitely uncollectible and should not be transferred to the partnership. The value of Allowance for Doubtful Accounts should be $8.440. The appraised value of Merchandise Inventory was $175,900. The appraised value of Furniture and Equipment was $35,850 2. In return for a 40 percent interest in partnership capital Harris invested cash in an amount equal to two-thirds (667) of Anderson's net investment in the business 3. Each partner was allowed a salary payable on the 15th day of each month. Anderson's salary was to be 59.480 per month and Harris's salary was to be $8.380 per month 4. The partners were to be allowed interest of 10 percent of their beginning capital balances. 5. No provision was made for profit division except for the salaries and interest previously discussed. 6. The partnership's revenues for the year 20X1 were $2.261,500, and expenses were S1805,300. Payments for salary allowances were charged to the partners drawing accounts. Required: 1. Record the following information in general journal form in the partnership's records: a. Receipt of assets and liabilities from Anderson b. Investment of cash by Harris c. Summary of cash withdrawals for salaries by the two partners during the year. d. Profit or loss division including salary and interest allowances and the closing balance of the Income Summary account determined on an appropriate basis 2. Record the journal entry to close the partners' drawing accounts into the capital accounts. No other cash was withdrawn 3. Open general ledger accounts for the partners' capital accounts. The account numbers are: Herschel Anderson, Capital 301, and Richard Harris, Capital 311 Post the journal entries from requirements 1 and 2 to the capital accounts 4. Prepare a schedule showing the division of net income to the partners as it would appear on the income statement for 20xt 5. Prepare a statement of partners equities for the year ended 20X1 6. On January 1, 20x2. the partners agreed to admit John Amos as a partner Amos is to invest cash of $121700 for a one fourth interest in the capital of the partnership. The three parties agree that the book value of assets and ses properly reflects the Values Give the general journal entry to record Ames's investment 100 Required 1. Record the following information in general journal form in the partnership's records a. Receipt of assets and liabilities from Anderson b. Investment of cash by Harris Summary of cash withdrawals for salaries by the two partners during the year d. Profit or loss division including salary and interest allowances and the closing balance of the Income Summary account determined on an appropriate basis. 2. Record the journal entry to close the partners' drawing accounts into the capital accounts. No other cash was withdrawn. 2. Open general ledger accounts for the partners' capital accounts. The account numbers are: Herschel Anderson, Capital, 301, and Richard Harris, Capital, 311. Post the journal entries from requirements 1 and 2 to the capital accounts. 4. Prepare a schedule showing the division of net income to the partners as it would appear on the income statement for 20X1 5. Prepare a statement of partners' equities for the year ended 20X1. 6. On January 1, 20X2, the partners agreed to admit John Amos as a partner. Amos is to invest cash of $121,100 for a one-fourth interest in the capital of the partnership. The three parties agree that the book value of assets and liabilities properly reflects their values. Give the general journal entry to record Amos's investment Analyze: What percentage of the total partnership capital after the admission of Amos on January 1, 20X2, is owned by Anderson? Complete this question by entering your answer in the tabs below. Required Required 2 Required Required Required s Required Analyze What percentage of the total partnership capital after the admission of Amos on January 1, 20X2, is owned by Anderson Cound your answer to i decimal place e, 0.122 should be entered as 123) Anderson THE Required CTP Bonnes Assignment 1 For several years, Herschel Anderson had operated Management Consulting Company as its sole proprietor. On January 1 20x1, he formed a partnership with Richard Harris to operate the company under the name Harris Anderson Professional Management Consultants. Pertinent terms of the partnership agreement are as follows: 1 Anderson was to transfer to the partnership the accounts receivable, merchandise inventory, furniture and equipment, and all liabilities of the sole proprietorship in return for a partnership interest of 60 percent of the partnership capital Assets were appraised and transferred to the partnership at the appraised values Balances in the relevant accounts of Anderson's sole proprietorship at the close of business on December 31, 20X0, are shown below. Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Furniture and Equipent Allowance for Depreciation Furniture & Equipment Accounts Payable $135,750r 3,070 Cr 190,900 Dr. 120, 450 Dr. 76,360 Cr. 26,170 Cr Tences The two parties agreed to the following: There were unrecorded accounts payable of $4,090. Accounts receivable of $6130 were definitely uncollectible and should not be transferred to the partnership. The value of Allowance for Doubtful Accounts should be $8.440. The appraised value of Merchandise Inventory was $175,900. The appraised value of Furniture and Equipment was $35,850 2. In return for a 40 percent interest in partnership capital Harris invested cash in an amount equal to two-thirds (667) of Anderson's net investment in the business 3. Each partner was allowed a salary payable on the 15th day of each month. Anderson's salary was to be 59.480 per month and Harris's salary was to be $8.380 per month 4. The partners were to be allowed interest of 10 percent of their beginning capital balances. 5. No provision was made for profit division except for the salaries and interest previously discussed. 6. The partnership's revenues for the year 20X1 were $2.261,500, and expenses were S1805,300. Payments for salary allowances were charged to the partners drawing accounts. Required: 1. Record the following information in general journal form in the partnership's records: a. Receipt of assets and liabilities from Anderson b. Investment of cash by Harris c. Summary of cash withdrawals for salaries by the two partners during the year. d. Profit or loss division including salary and interest allowances and the closing balance of the Income Summary account determined on an appropriate basis 2. Record the journal entry to close the partners' drawing accounts into the capital accounts. No other cash was withdrawn 3. Open general ledger accounts for the partners' capital accounts. The account numbers are: Herschel Anderson, Capital 301, and Richard Harris, Capital 311 Post the journal entries from requirements 1 and 2 to the capital accounts 4. Prepare a schedule showing the division of net income to the partners as it would appear on the income statement for 20xt 5. Prepare a statement of partners equities for the year ended 20X1 6. On January 1, 20x2. the partners agreed to admit John Amos as a partner Amos is to invest cash of $121700 for a one fourth interest in the capital of the partnership. The three parties agree that the book value of assets and ses properly reflects the Values Give the general journal entry to record Ames's investment 100 Required 1. Record the following information in general journal form in the partnership's records a. Receipt of assets and liabilities from Anderson b. Investment of cash by Harris Summary of cash withdrawals for salaries by the two partners during the year d. Profit or loss division including salary and interest allowances and the closing balance of the Income Summary account determined on an appropriate basis. 2. Record the journal entry to close the partners' drawing accounts into the capital accounts. No other cash was withdrawn. 2. Open general ledger accounts for the partners' capital accounts. The account numbers are: Herschel Anderson, Capital, 301, and Richard Harris, Capital, 311. Post the journal entries from requirements 1 and 2 to the capital accounts. 4. Prepare a schedule showing the division of net income to the partners as it would appear on the income statement for 20X1 5. Prepare a statement of partners' equities for the year ended 20X1. 6. On January 1, 20X2, the partners agreed to admit John Amos as a partner. Amos is to invest cash of $121,100 for a one-fourth interest in the capital of the partnership. The three parties agree that the book value of assets and liabilities properly reflects their values. Give the general journal entry to record Amos's investment Analyze: What percentage of the total partnership capital after the admission of Amos on January 1, 20X2, is owned by Anderson? Complete this question by entering your answer in the tabs below. Required Required 2 Required Required Required s Required Analyze What percentage of the total partnership capital after the admission of Amos on January 1, 20X2, is owned by Anderson Cound your answer to i decimal place e, 0.122 should be entered as 123) Anderson THE Required