Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. anne and del started their partnership tailoring b

Anne and Del started their partnership tailoring business on 04 March 2022. The total value...

70.2K

Verified Solution

Question

Accounting

Anne and Del started their partnership tailoring business on 04 March 2022. The total value invested by both the partners are as follows: SupermanBatmanCash$53,000$50,100Accounts Receivables7,0003,000Raw Material Supplies10,0000Equipment12,50030,000Computer1,2002,000Land111,000250,000Accounts Payable31,0007,000Mortgage payables11,0008,000 During the year, Anne withdrawn $8,000 and Del made a withdrawal of $4,000. The net profit for the year stands to $118,000 and is to be distributed among the partners based on their contribution.Requirements:1. Prepare journal entries for recording the investments by both the partners.2. Journalize the withdrawals for both partners.3. Close the income summary and drawing accounts with T accounts and closing entries

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

describe an example where polarity plays a role in a specific physiological function

Biology
1.2K views

Describe a purification scheme that starts with a mixture of cells, virions and proteins and ends...

Physics
1.2K views

3 An electron moves on a straight line path XX as shown below A coil...

Calculus
1.2K views

39 Surveying To find the distance across a small lake a sur veyor has taken...

Algebra
1.2K views

Perform the indicated operation Write the answer in scientific notation 3 6 10 14 9x10...

Algebra
1.2K views

Write each expression in radical form 1 7 2 2 3 2 2 3 5...

Accounting
1.2K views

Jekell Catering Inc. is a caterer of corporate lunches and events. The following is Jekell's...

Accounting
1.2K views

All capital investment decisions involve risk. Describe one suitable method of how risk can be...

Accounting
1.2K views

Question 7 of 18 -11 Ivanhoe Company has completed all of its operating budgets. The...

Accounting
1.2K views

6 15 Exercise Al-5 Completing a payroll register by calculating deductions LO2 Pere Lake Resort's...

Accounting
1.2K views

The standard cost of Product B manufactured by Sandhill Company includes 3.6 units of direct...

Finance
1.2K views

Question 26 (7 points) Mary Martin, the treasurer of Canon Candy Company, believes interest rates...