College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 19, Problem 1CE
To determine
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Moss and Barber organize a partnership on January 1. Moss's initial net investment is $79,000, consisting of cash ($21,000), equipment
($73,000), and a note payable reflecting a bank loan for the new business ($15,000). Barber's initial investment is cash of $35,000.
Prepare journal entries to record (1) Moss's investment and (2) Barber's investment.
No
A
B
Transaction
(1)
(2)
Cash
Equipment
Note payable
Moss, Capital
Cash
Barber, Capital
Answer is not complete.
General Journal
0000
30
Debit
Credit
E12-15 Nan Fuentes has been operating an apartment-locator service as a
prietorship. She and Misti Fulmer have decided to form a partnershi
Fuentes's investment consists of cash, $8,000; accounts receivabie
$10,000; furniture, $1,000; a building, $55,000; and a note payable.
$10,000.
To determine Funtes's equity in the partnership, she and Fulmer hime
an independent appraiser. The appraiser values all the assets and liabi
ties at their book value except the building, which has a current marka
value of $90,000. Also there are accounts payable of $3,000.
Requirement
Make the entry on the partnership books to record Fuentes's investment
(pр. 600-601)
Carlo runs a butcher shop, Carlo Angus MNL, in Manila.
Jamie, a close friend who lives in Makati, wanted to put up another Angus store in Makati on May 1, 2022.
They agreed to form CABLES Partnership where Jamie will invest cash so that she can have a 40% interest in the partnership.
On April 30, 2022, Carlo Angus MNL had the following account balances:
DEBIT
CREDIT
Cash
200,000
Accounts Receivable
150,000
Inventory
100,000
Accounts Payable
85,000
Carlo, Capital
365,000
Carlo and Jamie agreed on the following conditions:
1. An allowance for doubtful accounts worth P30,000 is to be established; and
2. Inventories must be valued at their current replacement cost of P95,000.
How much is Jamie's investment in the partnership?
Chapter 19 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 19 - Prob. 1TFCh. 19 - Prob. 2TFCh. 19 - Prob. 3TFCh. 19 - Prob. 4TFCh. 19 - Prob. 5TFCh. 19 - Prob. 1MCCh. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MC
Ch. 19 - Prob. 1CECh. 19 - Prob. 2CECh. 19 - Prob. 3CECh. 19 - Prob. 4CECh. 19 - Prob. 5CECh. 19 - Prob. 1RQCh. 19 - Prob. 2RQCh. 19 - Prob. 3RQCh. 19 - Prob. 4RQCh. 19 - Prob. 5RQCh. 19 - Prob. 6RQCh. 19 - Prob. 7RQCh. 19 - Prob. 8RQCh. 19 - Prob. 9RQCh. 19 - Prob. 1SEACh. 19 - Prob. 2SEACh. 19 - Prob. 3SEACh. 19 - Prob. 4SEACh. 19 - ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of...Ch. 19 - Prob. 6SPACh. 19 - Prob. 7SPACh. 19 - Prob. 8SPACh. 19 - Prob. 9SPACh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1SEBCh. 19 - Prob. 2SEBCh. 19 - Prob. 3SEBCh. 19 - Prob. 4SEBCh. 19 - Prob. 5SEBCh. 19 - Prob. 6SPBCh. 19 - Prob. 7SPBCh. 19 - ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings...Ch. 19 - Prob. 9SPBCh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1MYWCh. 19 - Prob. 1ECCh. 19 - Prob. 1MPCh. 19 - Prob. 1CPCh. 19 - Prob. 1COP
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