PROBLEM 17A-3
GENERAL JOURNAL
Date
Account Titles and Description
PR
Dr.
Cr.
Sit.
1
Villone, Capital
0
0
0
00
Johnson, Capital
5
0
0
0
00
Sit.
2
Lee, Capital
6
0
0
00
Rapada, Capital
6
0
0
00
Villone, Capital
3
0
0
00
Merchandise Inventory
1
5
0
0
00
Villone, Capital
7
0
0
00
Cash
4
7
0
0
00
Sit.
3
Villone, Capital
0
0
0
00
Cash
3
2
0
0
00
Lee, Capital
9
0
0
00
Rapada, Capital
9
0
0
00
Sit.
4
Villone, Capital
0
0
0
00
Lee, Capital
6
5
0
00
Rapada, Capital
6
5
0
00
Cash
8
3
0
0
00
PROBLEM 17A-4
JUSTMAN, RAISOR, AND SUNSERI
GENERAL JOURNAL
PAGE 13
Date
Account Titles and Description
PR
Dr.
Cr.
Sit.
1
Feb.
1
Cash
32
4
0
0
00
Other Assets
14
4
0
0
00
Loss or Gain from Realization
18
0
0
0
00
Loss or Gain from Realization
18
0
0
0
00
A. Justman, Capital
9
0
0
0
00
C. Raisor, Capital
6
0
0
0
00
J. Sunseri, Capital
3
0
0
0
00
15
Liabilities
6
8
0
0
00
Cash
6
8
0
0
00
15
A. Justman, Capital
20
3
0
0
00
C. Raisor, Capital
24
2
0
0
00
J. Sunseri, Capital
4
8
0
0
00
Cash
49
3
0
0
00
Sit.
2
Feb.
1
Cash
6
0
0
0
00
Loss or Gain from Realization
8
4
0
0
00
Other Assets
14
4
0
0
00
1
A. Justman, Capital
4
2
0
0
00
C. Raisor, Capital
2
8
0
0
00
J. Sunseri, Capital
1
4
0
0
00
Loss or Gain from Realization
8
4
0
0
00
PROBLEM 17A-4 (CONCLUDED)
JUSTMAN, RAISOR, AND SUNSERI
GENERAL JOURNAL
PAGE 14
Date
Account Titles and Description
PR
Dr.
Cr.
Feb.
15
Liabilities
6
8
0
0
00
Cash
6
8
0
0
00
15
A. Justman, Capital
7
1
0
0
00
C. Raisor, Capital
15
4
0
0
00
J. Sunseri, Capital
4
0
0
00
Cash
22
9
0
0
00
Sit.
3
Feb.
1
Cash
3
3
0
0
00
Loss or Gain from Realization
11
1
0
0
00
Other Assets
14
4
0
0
00
1
A. Justman, Capital
5
5
5
0
00
C. Raisor, Capital
3
7
0
0
00
J. Sunseri, Capital
1
8
5
0
00
Loss or Gain from Realization
11
1
0
0
00
1
A. Justman, Capital
3
0
00
C. Raisor, Capital
2
0
00
J. Sunseri, Capital
5
0
00
15
Liabilities
6
8
0
0
00
Cash
6
8
0
0
00
15
A. Justman, Capital
5
7
2
0
00
C. Raisor, Capital
14
4
8
0
00
Cash
20
2
0
0
00
SOLUTIONS TO SET B PROBLEMS
PROBLEM 17B-1
SANDY
GARY
TOTALS
Situation 1
$4
2
5
0
$4
2
5
0
$8
5
0
0
Situation 2
$5
3
2
8
$3
1
7
2
$8
5
0
0
Situation 3
Salary Allowance
$2
8
4
0
$2
4
9
0
$5
3
3
0
Interest Allowance
4
2
0
2
5
0
6
7
0
Total Salary and Interest Allowance
3
2
6
0
2
7
4
0
6
0
0
0
Remaining Income (Deficit) to be distributed
1
2
5
0
1
2
5
0
2
5
0
0
Share of Net Income to Partners
$4
5
1
0
$3
9
9
0
$8
5
0
0
(B)
Total Salary and Interest Allowance
$3
2
6
0
$2
7
4
0
6
0
0
0
Remaining Income (Deficit) to be
distributed
(
7
0
0
)
(
7
0
0
)
(1
4
0
0
)
Share of Net Income to Partners
$2
5
6
0
$2
0
4
0
4
6
0
0
PROBLEM 17B-2
Date
Account Titles and Description
PR
Dr.
Cr.
Sit.
1
Whitney Adam, Capital
6
0
0
00
Jack Wilcox, Capital
6
0
0
00
Sit.
2
Cash
1
0
5
0
00
Jack Wilcox, Capital
1
0
5
0
00
Sit.
3
Cash
3
6
0
0
00
Bob North, Capital
8
5
0
00
Whitney Adam, Capital
8
5
0
00
Jack Wilcox, Capital
1
9
0
0
00
Sit.
4
Cash
5
7
0
00
Bob North, Capital
1
6
0
00
Whitney Adam, Capital
1
6
0
00
Jack Wilcox, Capital
8
9
0
00
PROBLEM 17B-3
GENERAL JOURNAL
Date
Account Titles and Description
PR
Dr.
Cr.
Sit.
1
Grace, Capital
8
0
0
00
Chris, Capital
4
8
0
0
00
Sit.
2
Jeremy, Capital
6
0
0
00
Matthew, Capital
6
0
0
00
Grace, Capital
3
0
0
00
Merchandise Inventory
1
5
0
0
00
Grace, Capital
5
0
0
00
Cash
4
5
0
0
00
Sit.
3
Grace, Capital
8
0
0
00
Cash
3
1
0
0
00
Jeremy, Capital
8
5
0
00
Matthew, Capital
8
5
0
00
Sit.
4
Grace, Capital
8
0
0
00
Jeremy, Capital
8
5
0
00
Matthew, Capital
8
5
0
00
Cash
8
5
0
0
00
PROBLEM 17B-4
JOSEPHSON, RAMIREZ, AND SMITH
GENERAL JOURNAL
PAGE 13
Date
Account Titles and Description
PR
Dr.
Cr.
Sit.
1
Dec.
1
Cash
31
8
0
0
00
Other Assets
13
8
0
0
00
Loss or Gain from Realization
18
0
0
0
00
Loss or Gain from Realization
18
0
0
0
00
A. Josephson, Capital
9
0
0
0
00
C. Ramirez, Capital
6
0
0
0
00
J. Smith, Capital
3
0
0
0
00
15
Liabilities
3
7
5
0
00
Cash
3
7
5
0
00
15
A. Josephson, Capital
20
4
0
0
00
C. Ramirez, Capital
24
4
0
0
00
J. Smith, Capital
4
8
5
0
00
Cash
49
6
5
0
00
Sit.
2
Dec.
1
Cash
6
0
0
0
00
Loss or Gain from Realization
7
8
0
0
00
Other Assets
13
8
0
0
00
1
A. Josephson, Capital
3
9
0
0
00
C. Ramirez, Capital
2
6
0
0
00
J. Smith, Capital
1
3
0
0
00
Loss or Gain from Realization
7
8
0
0
00
PROBLEM 17B-4 (CONCLUDED)
JOSEPHSON, RAMIREZ, AND SMITH
GENERAL JOURNAL
PAGE 14
Date
Account Titles and Description
PR
Dr.
Cr.
Dec.
15
Liabilities
3
7
5
0
00
Cash
3
7
5
0
00
15
A. Josephson Capital
7
5
0
0
00
C. Ramirez, Capital
15
8
0
0
00
J. Smith, Capital
5
5
0
00
Cash
23
8
5
0
00
Sit.
3
Dec.
1
Cash
2
4
0
0
00
Loss or Gain from Realization
11
4
0
0
00
Other Assets
13
8
0
0
00
1
A. Josephson, Capital
5
7
0
0
00
C. Ramirez, Capital
3
8
0
0
00
J. Smith, Capital
1
9
0
0
00
Loss or Gain from Realization
11
4
0
0
00
Dec.
1
A. Josephson, Capital
3
0
00
C. Ramirez, Capital
2
0
00
J. Smith, Capital
5
0
00
15
Liabilities
3
7
5
0
00
Cash
3
7
5
0
00
15
A. Josephson, Capital
5
6
7
0
00
C. Ramirez, Capital
14
5
8
0
00
0
Cash
20
2
5
0
00
SOLUTION TO FINANCIAL REPORT PROBLEM: 2013 KELLOGG’S ANNUAL REPORT
Kellogg is a corporation with stockholders. It is not a partnership.