K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,000...
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K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,000 of personal cash to the partnership. Rosen owns land worth $10,000 and a small building worth $75,000, which she transfers to the partnership. Toso transfers to the partnership cash of $10,000, accounts receivable of $27,000, and equipment worth $14,000. The partnership expects to collect $24,300 of the accounts receivable.
Prepare the journal entries to record each of the partners investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
Depreciation ExpenseToso, DrawingsDecker, DrawingsGain on RealizationAllowance for Doubtful AccountsSalaries ExpenseEquipmentAccounts PayableDecker, CapitalAccounts ReceivableAccumulated Depreciation - EquipmentToso, CapitalNet (Loss) IncomeIncome SummaryInventoryNotes PayableLoss on RealizationBuildingsRosen, CapitalRosen, DrawingsLandCash | ||
Rosen, CapitalNet (Loss) IncomeAccounts ReceivableIncome SummaryCashGain on RealizationInventoryAccumulated Depreciation - EquipmentSalaries ExpenseLandAccounts PayableBuildingsDepreciation ExpenseEquipmentDecker, CapitalAllowance for Doubtful AccountsDecker, DrawingsRosen, DrawingsLoss on RealizationToso, CapitalNotes PayableToso, Drawings | ||
(To record investment of Decker.) | ||
Depreciation ExpenseCashNet (Loss) IncomeAccumulated Depreciation - EquipmentLandAccounts PayableGain on RealizationDecker, DrawingsAccounts ReceivableBuildingsLoss on RealizationNotes PayableToso, DrawingsToso, CapitalRosen, CapitalEquipmentRosen, DrawingsIncome SummarySalaries ExpenseDecker, CapitalInventoryAllowance for Doubtful Accounts | ||
Toso, CapitalIncome SummaryBuildingsAllowance for Doubtful AccountsAccounts ReceivableDepreciation ExpenseGain on RealizationAccumulated Depreciation - EquipmentAccounts PayableEquipmentRosen, CapitalRosen, DrawingsDecker, CapitalSalaries ExpenseLandInventoryNotes PayableDecker, DrawingsCashNet (Loss) IncomeToso, DrawingsLoss on Realization | ||
Income SummaryAccounts PayableEquipmentRosen, DrawingsLandNotes PayableToso, CapitalAccounts ReceivableDecker, DrawingsGain on RealizationAccumulated Depreciation - EquipmentSalaries ExpenseAllowance for Doubtful AccountsInventoryLoss on RealizationCashRosen, CapitalNet (Loss) IncomeDecker, CapitalBuildingsDepreciation ExpenseToso, Drawings | ||
(To record investment of Rosen.) | ||
Allowance for Doubtful AccountsLoss on RealizationCashAccounts ReceivableAccumulated Depreciation - EquipmentDecker, CapitalIncome SummaryNotes PayableToso, DrawingsRosen, DrawingsRosen, CapitalDecker, DrawingsInventoryDepreciation ExpenseEquipmentGain on RealizationAccounts PayableLandNet (Loss) IncomeToso, CapitalBuildingsSalaries Expense | ||
Net (Loss) IncomeGain on RealizationAccounts ReceivableRosen, CapitalLandEquipmentSalaries ExpenseAccounts PayableRosen, DrawingsInventoryLoss on RealizationToso, CapitalDecker, CapitalAllowance for Doubtful AccountsDepreciation ExpenseAccumulated Depreciation - EquipmentBuildingsIncome SummaryDecker, DrawingsCashToso, DrawingsNotes Payable | ||
Rosen, DrawingsNotes PayableLandGain on RealizationToso, CapitalAllowance for Doubtful AccountsRosen, CapitalDecker, DrawingsNet (Loss) IncomeEquipmentLoss on RealizationBuildingsDepreciation ExpenseSalaries ExpenseInventoryCashToso, DrawingsAccumulated Depreciation - EquipmentDecker, CapitalAccounts ReceivableAccounts PayableIncome Summary | ||
Rosen, CapitalToso, DrawingsLandLoss on RealizationSalaries ExpenseNet (Loss) IncomeDepreciation ExpenseAccumulated Depreciation - EquipmentAccounts PayableNotes PayableDecker, CapitalAccounts ReceivableInventoryGain on RealizationToso, CapitalIncome SummaryCashDecker, DrawingsRosen, DrawingsEquipmentBuildingsAllowance for Doubtful Accounts | ||
Rosen, CapitalAccounts PayableSalaries ExpenseNet (Loss) IncomeAccounts ReceivableCashIncome SummaryToso, DrawingsToso, CapitalGain on RealizationNotes PayableInventoryLoss on RealizationAllowance for Doubtful AccountsLandDecker, DrawingsAccumulated Depreciation - EquipmentDepreciation ExpenseBuildingsEquipmentRosen, DrawingsDecker, Capital | ||
(To record investment of Toso.) |
What amount would be reported as total owners equity immediately after the investments?
Total owners equity | $ |
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