Study
Guide
23
Name Perfect
Score
Your
Score
Identifying Accounting Terms 7 Pts.
Identifying Accounting Concepts and Practices 11 Pts.
Analyzing Partnership Transactions 27 Pts.
Total 45 Pts.
Part One—Identifying Accounting Terms
Directions: Select the one term in Column I that best fits each definition in
Column II. Print the letter identifying your choice in the Answers column.
Answers
1.
2.
Column I
A. distribution of net
income statement
B. liquidation of a
Column II
1. A business in which two or more persons combine their
assets and skills. (p. 722)
2. Each member of a partnership. (p. 722)
E
D
1. In a partnership, it is necessary to separate reports and financial records of the business
from the personal records of the partners. (p. 722)
2. During a fiscal period, partners may take assets out of the partnership in anticipation of
the net income for the period. (p. 725)
3. Withdrawals increase the amount of a business’s capital. (p. 725)
Answers
1.
2.
3.
Part Two—Identifying Accounting Concept and Practices
Directions: Place a T for True or an F for False in the Answers column to show
whether each of the following statements is true or false.
T
T
Name Date Class
Part Three—Analyzing Partnership Transactions
Directions: Determine in which journal each of the transactions is to be recorded.
Analyze each of the following entries into debit and credit parts. Print letters
(A through K) in the proper Answers columns identifying the accounts to be debited
and credited.
G—General Journal; CP—Cash Payments Journal; CR—Cash Receipts Journal
Answers
Account Titles Transactions Journal Debit Credit
A. Accounts Payable 1–2–3. Partners Katlyn Chuka and Dennis
Rosecrans each contribute cash and office
equipment to the partnership. (p. 724)
1. 2. 3.
B. Accumulated
Depreciation—Office
4–5–6. Dennis Rosecrans withdraws cash
from the business for personal use. (p. 725)
4. 5. 6.
CR
CP
C, J
E
D, G
C
23148_ch23_hr_755-778.indd 757 1/18/18 1:41 AM
Across
4. Cash received from the sale of assets during
liquidation of a partnership.
Down
1. A business in which two or more persons
combine their assets and skills.
1
1
P
A
R
T
N
E
Chapter 23 Accounting for Partnerships • 759
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
23-1 WORK TOGETHER, p. 727
CASH RECEIPTS JOURNAL PAGE 7
1 2 3 4 5 6 7
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL ACCOUNTS
RECEIVABLE
CREDIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
SALES
DISCOUNT
DEBIT
CASH
DEBIT
DEBIT CREDIT
7 7
8 8
9 9
CASH PAYMENTS JOURNAL PAGE 7
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
6 6
7 7
8 8
9 9
23-1 WORK TOGETHER (concluded)
GENERAL JOURNAL PAGE 4
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
23 23
24 24
25 25
26 26
27 27
Chapter 23 Accounting for Partnerships • 761
Name Date Class
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
23-1 ON YOUR OWN, p. 727
Journalizing partners’ investments and withdrawals
CASH RECEIPTS JOURNAL PAGE 19
1 2 3 4 5 6 7
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL ACCOUNTS
RECEIVABLE
CREDIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
SALES
DISCOUNT
DEBIT
CASH
DEBIT
DEBIT CREDIT
8 8
9 9
CASH PAYMENTS JOURNAL PAGE 20
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
PURCHASES
DISCOUNT
CASH
CREDIT
7 7
8 8
9 9
20–
23148_ch23_hr_755-778.indd 761 1/18/18 1:41 AM
23-1 ON YOUR OWN (concluded)
GENERAL JOURNAL PAGE 10
DATE ACCOUNT TITLE DOC.
POST.
6 6
7 7
8 8
9 9
10 10
11 11
12 12
23 23
24 24
25 25
26 26
27 27
23-2 WORK TOGETHER, p. 734
Preparing distribution of net income and owners’ equity statements
1.
2.
Carpet World
Distribution of Net Income Statement
Carpet World
Owners’ Equity Statement
For Month Ended April 30, 20–
Sofie Pavlov
Capital, April 1, 20– 19 0 0 0 00
Share of Net Income 16 3 0 0 00
23-2 ON YOUR OWN, p. 734
Preparing distribution of net income and owners’ equity statements
1.
2.
Ballo Brothers
Distribution of Net Income Statement
For Month Ended October 31, 20–
Abdalla Ballo
60% of Net Income 37 5 0 0 00
Ballo Brothers
Owners’ Equity Statement
For Month Ended October 31, 20–
Abdalla Ballo
Capital, October 1, 20– 40 0 0 0 00
Share of Net Income 37 5 0 0 00
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Cash $25,000.00
Supplies 2,400.00
Ofce Equipment 30,000.00
Accumulated Depreciation—Ofce Equipment 16,500.00
Truck 51,000.00
Accumulated Depreciation—Truck 36,600.00
Accounts Payable 2,500.00
Johanna Salo, Capital 26,800.00
Stefan Salo, Capital 26,000.00
23-3 WORK TOGETHER, p. 741
CASH RECEIPTS JOURNAL PAGE 7
1 2 3 4 5 6 7
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL ACCOUNTS
RECEIVABLE
CREDIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
SALES
DISCOUNT
DEBIT
CASH
DEBIT
DEBIT CREDIT
1 1
10 10
11 11
12 12
20–
Apr. 1Loss on Realization R421 1 5 0 0 00 12 0 0 0 00
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
7 7
8 8
9 9
10 10
GENERAL JOURNAL PAGE 4
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
9 9
10 10
20–
20–
Apr. 6Gain on Realization M65 6 0 0 00