On July 1, 2022, Alleya Amrick and Breanne Balas formed a partnership to make crafts and sell them online. Amrick Contribution (at formation on July 1 a $43,000 note payable was taken by the partners to purchase added equipment) Profit sharing Required 1. Prepare journal entries for the following dates: a. July 1, 2022 $100,000 cash $183,000 equipment 2013 $153,000 salary allowance 10% of original capital investments Balance 40% Balas $183,000 cash $140,000 equipment Cash withdrawal June 20, 2023 Net Income during the year was $410,000 and was in the Income Summary account. On July 1, 2023 Calla Cameron invested $123,000 and was admitted to the partnership for a 20% interest in equity. 10% of original capital investments Balance 60% $103,000

On July 1, 2022, Alleya Amrick and Breanne Balas formed a partnership to make crafts and sell them online. Amrick Contribution (at formation on July 1 a $43,000 note payable was taken by the partners to purchase added equipment) Profit sharing Required 1. Prepare journal entries for the following dates: a. July 1, 2022 $100,000 cash $183,000 equipment 2013 $153,000 salary allowance 10% of original capital investments Balance 40% Balas $183,000 cash $140,000 equipment Cash withdrawal June 20, 2023 Net Income during the year was $410,000 and was in the Income Summary account. On July 1, 2023 Calla Cameron invested $123,000 and was admitted to the partnership for a 20% interest in equity. 10% of original capital investments Balance 60% $103,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 6SPA

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