Matthew and Hein sell to Melges a 1/3 interest in the Matthew - Hein partnership. Melges will payMatthew and Hein each $141400 for admission into the organization. Before this transaction,Matthew and Hein show capital balances of $209000 each. The journal entry to record the admissionof Melges willO show a credit to Melges, Capital for $282800.O show a debit to Hein, Capital for $141400.show a debit to Cash for $282800.O not show a debit to Cash.

The partnership is liquidated when there is admission or withdrawal of a partner. The partner's…

Answered: Matthew and Hein each $141400 for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The transactions below needs to be journalized. Two accrual transactions and two deferral transactions. I need help with this please and thank you. Please include an explanation of what was done. Accruals: 1. On March 30, 2021 Ortiz LLC provided accounting reservices for Beker Law firm and sent them a bill for $5,000. Payment has not been received to this day. 2. Store supplies of $200 are on hand. The supplies account shows a $1,900 balance. Deferrals: 1. On April 1, 2021. ORTIZ LLC paid $12,000 for a one-year insurance Policy. 2. On February 1, 2021 . ORTIZ LLC received $20,000 for accounting services for 1 year.
H1. Account
Hi, How do I organize these transactions ? Thanks
a. P3,440,900 b. P3,250,000 C. P3,146,900 D. P3,059,100
please answer text form.
Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time basis. He wishes to know how much net income the business has earned but has no prior knowledge of accounting and has approached your group for advice. The company entered the following transactions during September:Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment Sales Company: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000. There were no liabilities received. 2. Paid three (3) months rent on a lease rental contract, $6,000. 3. Paid the premiums on the property and peril insurance policies, $3,000. 4. Received cash from clients as an advance payment for services to be provided in the coming months, $5,900. 5. Purchased additional office equipment on…
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 25,600 $ 170,000 $ 95,000 $ 7,600 $ 18,000 $ 37,000 $ 20,000 $ 18,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $62,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.) 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).
See the attached photo.
Kindly pass the Journal entries for the following transactions; (all the values are in AED) a. Hamad started the business with cash 50,000. b. Paid salary in Cash 5000. c. Sold goods to Khaled 3000 d. Received in full settlement 2800. e. Purchased goods from Abdalla 5000. f. Paid in full settlement 4700.
Scenario: Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time basis. He wishes to know how much net income the business has earned but has no prior knowledge of accounting and has approached your group for advice. The company entered the following transactions during September: Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment Sales Company: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000. There were no liabilities received. 2.Paid three (3) months rent on a lease rental contract, $6,000. 3.Paid the premiums on the property and peril insurance policies, $3,000. 4.Received cash from clients as an advance payment for services to be provided in the coming months, $5,900. 5.Purchased additional office equipment on account from…
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