Fi Fo Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Aisha Adams 1 (22.56 KiB) Viewed 10 times
Fi Fo Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Aisha Adams 2 (25.63 KiB) Viewed 10 times
FI FO Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $294.000 cash and $388,000 of equipment, respectively. The partnership also assumed responsibility for a $54,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $164.000, both are to receive an annual interest allowance of 10% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20, 2020, Adams withdrew cash of $114,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $520,000. On June 1, 2021, Peter Williams invested $134,000 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. 8. June 1, 2020.
00:50:00 Book Pont erences Mc Graw HIR View transaction list Journal entry worksheet Record the admission of Williams for a 20% interest. Note: Enter debits before credits. Date June 01, 2021 Record entry General Journal Clear entry Debit < Prev Credit View general journal 16 of 20 Next > 4
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