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 |
$ |
Account Titles and Explanation | Debit | Credit | |
Cash | 45000 | ||
Decker, Capital | 45000 | ||
(To record investment of Decker.) | |||
Land | 10000 | ||
Building | 75000 | ||
Rosen, Capital | 85000 | ||
(To record investment of Rosen.) | |||
Cash | 10000 | ||
Accounts receivable | 27000 | ||
Equipment | 14000 | ||
Allowance for Doubtful Accounts | 2700 | =27000-24300 | |
Toso, Capital | 48300 | ||
(To record investment of Toso.) | |||
2 | |||
Total owners’ equity | 178300 | =45000+85000+48300 |
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,000 of...
E12-2 K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9,000, accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners' investsnents (b)...
E12-2 K. Decker, S. Rosen, and E. Toso are forming a partnership Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $15.000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9.000. accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners investiments. (b)...
Homework E12-2 K. Decker,S. Rosen, and E. Toso are forming a partnership. Decker is transferring 50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9,000, accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries to record each of the partners' investments. (b)...
Exercise 12-02 a-b (Part Level Submission) (Video) K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $53,900 of personal cash to the partnership. Rosen owns land worth $17,300 and a small building worth $78,600, which she transfers to the partnership. Toso transfers to the partnership cash of $13,300, accounts receivable of $35,600, and equipment worth $21,200. The partnership expects to collect $32,040 of the accounts receivable. (a) Prepare the journal entries to record each of...
its part a and b in the other picture
Exercise 12-2 K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $52,400 of personal cash to the partnership. Rosen owns land worth $17,900 and a small building worth $75,940, which she transfers to the partnership. Toso transfers to the partnership cash of $10,350, accounts receivable of $30,320 and equipment worth $15,810. The partnership expects to collect $27,288 of the accounts receivable. Prepare the journal entries to...
you have to label it
like (a........
(b..........
Homework E12-2 K. Decker,S. Rosen, and E. Toso are forming a partnership. Decker is transferring 50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the part- nership cash of $9,000, accounts receivable of $32,000, and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable Instructions (a) Prepare the journal entries...
LUPrect the statement. s. Rosen, and E. Toso alse ship liabilities ific assets he 30,000 of bu9,000,accounts receivable of $32.000, and equipment worth $39,000. The 12-2 K. Decker, l cash to the partnership. Rosen owns land worth $15,000 and a small of a partnership. S80.000, which she transfers to the partnership. Toso transfers to the part- o are forming a partnership. Decker is transferring Jounalics entry for formation s to collect $29,000 of the accounts receivable. ournal entries to record...
Question A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring $75,000 of personal cash to the partnership. Stokes owns land worth $25,000 and a small building worth $120,000, which she transfers to the partnership. Hayes transfers to the partnership cash of $14,000, accounts receivable of $48,000 and equipment worth $28,000. The partnership expects to collect $45,000 of the accounts receivable. (a) Prepare the journal entries to record each of the partners' investments. (Credit account titles...
up Formation A. Wiggins, L. Stokes, and K. Hayes are forming a partnership. Wiggins is transferring personal cash to the partnership. Stokes owns land worth $25.000 and a small buio $120,000, which she transfers to the partnership. Hayes transfers to the partnership cas $14,000, accounts receivable of $48,000 and equipment worth $28,000. The partnership expects to collect $45,000 of the accounts receivable. Instructions Prepare the journal entries to record each of the partners' investments.
Terry, Nick, and Frank are forming The Sunland Partnership.
Terry is transferring $30,300 of personal cash and equipment worth
$25,400 to the partnership. Nick owns land worth $17,700 and a
small building worth $75,700, which he transfers to the
partnership. There is a long-term mortgage of $20,500 on the land
and building, which the partnership assumes. Frank transfers cash
of $6,300, accounts receivable of $35,500, supplies worth $3,300,
and equipment worth $22,900 to the partnership. The partnership
expects to collect...