Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 15.00

Abbey and Dames

On March 1, 2011, Abbey and Dames formed a partnership. Abbey contributed $88,000 cash and Dames contributed land valued at $70,000 and a building valued at $100,000. The partnership also assumed responsibility for Dames's $80,000 long-term note payable associated with the land and building. The partners agreed to share income as follows: Abbey is to receive an annual salary allowance of $30,000, both are to receive an annual interest allowance of 10% of their beginning-year capital investment, and any remaining income or loss is to be shared equally. On October 20, 2011, Abbey withdrew $32,000 cash and Dames withdrew $25,000 cash. After the adjusting and closing entries are made to the revenue and expense accounts at December 31, 2011, the Income Summary account had a credit balance of $79,000.

 

1(a) Prepare journal entries to record the partners' initial capital investments. (Omit the "$" sign in your response.)

 

Date General Journal Debit Credit
Mar. 1, 2011 (Click to select)Long-term notes payableAbbey, CapitalBuildingAccounts payableCash Land Dames, Capital Prepaid income    
  (Click to select)Cash Dames, Capital Prepaid incomeBuildingLong-term notes payableAbbey, Capital LandAccounts payable    
  (Click to select)Abbey, Capital Land Dames, CapitalBuildingLong-term notes payable Prepaid incomeAccounts payableCash    
  (Click to select)Building Prepaid incomeLong-term notes payableAbbey, CapitalDames, CapitalAccounts payableLandCash    
  (Click to select)LandAbbey, CapitalCashLong-term notes payableDames, Capital Prepaid incomeBuildingAccounts payable    
  (Click to select)LandCashBuildingAbbey, Capital Prepaid incomeAccounts payableLong-term notes payableDames, Capital    

 

1(b) Prepare journal entries to record their cash withdrawals. (Omit the "$" sign in your response.)

 

Date General Journal Debit Credit
Oct. 20, 2011 (Click to select)Supplies payableBuildingCash Prepaid incomeLandDames, WithdrawalsAbbey, WithdrawalsAbbey, Capital    
  (Click to select)Abbey, CapitalSupplies payableDames, WithdrawalsLandAbbey, Withdrawals Prepaid incomeCashBuilding    
  (Click to select)Supplies payablePrepaid incomeLandBuildingCashAbbey, WithdrawalsDames, WithdrawalsAbbey, Capital    

 

1(c) Prepare journal entries to record the December 31 closing of both the Withdrawals and Income Summary accounts. (Omit the "$" sign in your response.)

 

Date General Journal Debit Credit
Dec. 31, 2011 (Click to select)Supplies payable CashAccounts receivable Abbey, WithdrawalsDames, WithdrawalsDames, Capital Prepaid incomeAbbey, Capital    
  (Click to select)Abbey, WithdrawalsDames, WithdrawalsDames, CapitalAbbey, CapitalSupplies payableAccounts receivable Cash Prepaid income    
  (Click to select) CashAccounts receivableAbbey, WithdrawalsDames, CapitalAbbey, CapitalSupplies payable Prepaid incomeDames, Withdrawals    
  (Click to select)Abbey, CapitalDames, WithdrawalsDames, Capital Prepaid incomeAccounts receivableSupplies payableAbbey, Withdrawals Cash    
       
  (Click to select)Dames, CapitalPrepaid incomeAbbey, CapitalDames, WithdrawalsIncome summaryAbbey, WithdrawalsCashSales revenue    
  (Click to select)Prepaid incomeCashAbbey, CapitalDames, WithdrawalsSales revenueAbbey, WithdrawalsIncome summaryDames, Capital    
  (Click to select)Dames, CapitalPrepaid incomeDames, WithdrawalsIncome summaryAbbey, WithdrawalsCashAbbey, CapitalSales revenue    

 

2.

Determine the balances of the partners' capital accounts as of December 31, 2011. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)

 

Capital account balances Abbey Dames
Initial investment $ $
Withdrawals    
Share of income    
 
Ending balances $ $
 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 01:08 PM My Price 15.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)