On March 2, 2023, Zoe Robinson, Karen Garcia, and Veronica Lee start a partnership to operate...

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On March 2, 2023, Zoe Robinson, Karen Garcia, and Veronica Lee start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for Ivanhoe Personal Coaching: 2023 Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Dec. 20 31 Z. Robinson K. Garcia V. Lee Cash $18,000 $12,000 $24,000 Furniture 20,400 Equipment 21,600 15,600 Total $39,600 $32,400 $39,600 They also agree that the partnership will assume responsibility for Karen's note payable of $6,000. Zoe, Karen, and Veronica each withdraw $36,000 cash as a "year-end bonus." No other withdrawals were made during the year. Total profit for 2023 was $132,000. 2024 Jan. 5 6 Zoe and Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $18,000 cash from the partnership. Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec. 20 Zoe and Veronica withdraw $51,300 and $54,000 cash, respectively, from the partnership. 31 Total profit for 2024 was $148,500. 2025 Jan. 4 Zoe and Veronica agree to admit Dela Hall to the partnership. Dela will focus on providing training in organizational.skills to clients. Dela invests $37,200 cash for 25% ownership of the partnership. Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date 2023 Account Titles and Explanation Debit Credit V V > (Invest assets in business.) (Invest assets in business.) > A (Record cash drawings.) > 1 2024 (Record cash drawings.) (To close Income Summary.) > (To record withdrawal of partner.) myhp I )))) > > (To record withdrawal of partner.) > > > (To record cash drawings.) 2025 (To close Income Summary.) myhp 2025 (To record cash drawings.) (To close Income Summary.) (To record admission of partner.) eTextbook and Media H Prepare the partners' equity section of the balance sheet after Dela is admitted to the partnership. IVANHOE PERSONAL COACHING Balance Sheet (Partial) eTextbook and Media On March 2, 2023, Zoe Robinson, Karen Garcia, and Veronica Lee start a partnership to operate a personal coaching and lifestyle consulting practice for professional women. Zoe will focus on work-life balance issues, Karen on matters of style, and Veronica on health and fitness. They sign a partnership agreement to split profits in a 3:2:3 ratio for Zoe, Karen, and Veronica, respectively. The following are the transactions for Ivanhoe Personal Coaching: 2023 Mar. 2 The partners contribute assets to the partnership at the following agreed amounts: Dec. 20 31 Z. Robinson K. Garcia V. Lee Cash $18,000 $12,000 $24,000 Furniture 20,400 Equipment 21,600 15,600 Total $39,600 $32,400 $39,600 They also agree that the partnership will assume responsibility for Karen's note payable of $6,000. Zoe, Karen, and Veronica each withdraw $36,000 cash as a "year-end bonus." No other withdrawals were made during the year. Total profit for 2023 was $132,000. 2024 Jan. 5 6 Zoe and Veronica approve Karen's request to withdraw from the partnership for personal reasons. They agree to pay Karen $18,000 cash from the partnership. Zoe and Veronica agree to change their profit-sharing ratio to 4:5, respectively. Dec. 20 Zoe and Veronica withdraw $51,300 and $54,000 cash, respectively, from the partnership. 31 Total profit for 2024 was $148,500. 2025 Jan. 4 Zoe and Veronica agree to admit Dela Hall to the partnership. Dela will focus on providing training in organizational.skills to clients. Dela invests $37,200 cash for 25% ownership of the partnership. Record the above transactions. For the profit recognized each year, calculate how it is to be allocated and record the closing of the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date 2023 Account Titles and Explanation Debit Credit V V > (Invest assets in business.) (Invest assets in business.) > A (Record cash drawings.) > 1 2024 (Record cash drawings.) (To close Income Summary.) > (To record withdrawal of partner.) myhp I )))) > > (To record withdrawal of partner.) > > > (To record cash drawings.) 2025 (To close Income Summary.) myhp 2025 (To record cash drawings.) (To close Income Summary.) (To record admission of partner.) eTextbook and Media H Prepare the partners' equity section of the balance sheet after Dela is admitted to the partnership. IVANHOE PERSONAL COACHING Balance Sheet (Partial) eTextbook and Media