FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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can you complste this and leave every calculation that you made so I can understand. 

2 3 4 Beginning Capital Balances - Jan 1 Additional investment Withdrawls LC 5 6 7 8 Prepare Magda and Sue's capital account balances as of Dec 31 based on the following additional information. Journalize capital contributions, drawings and closing the drawings account x 9 Beginning Capital Balances 10 Additional investment 11 Net Income 12 Withdrawls 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Ending Capital Balances Date Dec. 31 Dec. 31 Dec. 31 Account Title To record investment by partner To record withdrawl by partner To close partner drawings account Magda 147,000.00 0.00 4,000.00 Magda Debit Sue 125,000.00 12,000.00 0.00 Sue Credit Total Account Title: Cash Income Summary Magda, Capital Sue, Capital Magda, Drawings Sue, Drawings
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Transcribed Image Text:2 3 4 Beginning Capital Balances - Jan 1 Additional investment Withdrawls LC 5 6 7 8 Prepare Magda and Sue's capital account balances as of Dec 31 based on the following additional information. Journalize capital contributions, drawings and closing the drawings account x 9 Beginning Capital Balances 10 Additional investment 11 Net Income 12 Withdrawls 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Ending Capital Balances Date Dec. 31 Dec. 31 Dec. 31 Account Title To record investment by partner To record withdrawl by partner To close partner drawings account Magda 147,000.00 0.00 4,000.00 Magda Debit Sue 125,000.00 12,000.00 0.00 Sue Credit Total Account Title: Cash Income Summary Magda, Capital Sue, Capital Magda, Drawings Sue, Drawings
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Step 1: Meaning of Partnership
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Step 2: Calculation of Partners Capital Balance as on December 31
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Step 3: Journal Entry
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Solution
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For the step 2 the totall in missing in the board

The journal entry doesn't follwoing the one in my quetsion, could you do it with the one in my question please. 

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For the step 2 the totall in missing in the board

The journal entry doesn't follwoing the one in my quetsion, could you do it with the one in my question please. 

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