Homework Answers
1.
| Date | General Journal | Debit | Credit |
| 1 July 2019 | Cash | 62000 | |
| Accounts receivable | 34000 | ||
| Inventory | 96000 | ||
| Equipment | 360000 | ||
| Accounts payable | 24000 | ||
| Loan | 80000 | ||
| Francine Steele, capital | 448000 | ||
| (To record initial investment by Steele) | |||
| 1 July 2019 | Commercial property* | 670000 | |
| Mortgage payable | 220000 | ||
| Shaun Dunn, capital | 450000 | ||
| (To record initial investment by Dunn) |
*Use appropriate account title as required.
2.
| Balance Sheet | |
| At 1 July 2019 | |
| Assets | |
| Cash | 62000 |
| Accounts receivable | 34000 |
| Inventory | 96000 |
| Property, plant, and equipment | 1030000 |
| Total assets | 1222000 |
| Liabilities and Partner's Equity | |
| Accounts payable | 24000 |
| Loan | 80000 |
| Mortgage payable | 220000 |
| Francine Steele, capital | 448000 |
| Shaun Dunn, capital | 450000 |
| Total liabilities and partner's equity | 1222000 |
3.
| Statement in Changes in Partner's Equity | ||
| For the Year Ended 30 June 2020 | ||
| F. Steele | S. Dunn | |
| Balance, 1 July 2019 | 448000 | 450000 |
| Add: Additional capital invested | 80000 | 82000 |
| Net profit for the year | 66400 | 66400 |
| 594400 | 598400 | |
| Less: Withdrawals | 20000 | 24000 |
| Balance, 30 June 2020 | 574400 | 574400 |
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