Name Date Class
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
23-3 ON YOUR OWN, p. 741
Liquidation of a partnership
Cash $35,000.00
Supplies 3,000.00
Ofce Equipment 20,000.00
Accumulated Depreciation—Ofce Equipment 16,000.00
Truck 70,000.00
Accumulated Depreciation—Truck 60,000.00
Accounts Payable 16,000.00
Carlo Diaz, Capital 26,000.00
Olivia Thompson, Capital 10,000.00
CASH RECEIPTS JOURNAL PAGE 13
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
2 2
12 12
13 13
20–
July 1Loss on Realization R348 2 4 0 0 00 1 6 0 0 00
Accum. Depr.—Office Equipment 16 0 0 0 00
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© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
CASH PAYMENTS JOURNAL PAGE 13
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
1 1
6 6
7 7
8 8
9 9
10 10
GENERAL JOURNAL PAGE 7
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
9 9
10 10
23-3 ON YOUR OWN (concluded)
20–
July 5✔265 ✔16 0 0 0 00 16 0 0 0 00
20–
July 6Gain on Realization M33 9 0 0 00
Chapter 23 Accounting for Partnerships • 769
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
23-1 APPLICATION PROBLEM (LO1, 2), p. 744
CASH RECEIPTS JOURNAL PAGE 9
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
6 6
7 7
8 8
9 9
10 10
CASH PAYMENTS JOURNAL PAGE 10
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
20–
May 30 Florian Kaminski, Drawing 42 7 2 0 0 00 7 2 0 0 00
20–
23-1 APPLICATION PROBLEM (concluded)
GENERAL JOURNAL PAGE 5
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
22 22
23 23
24 24
25 25
26 26
27 27
20–
May 30 Alka Wozniak, Drawing M8 9 6 0 0 00
23-2.1 APPLICATION PROBLEM (LO3, 4), p. 744
Preparing distribution of net income and owners’ equity statements (net income)
1.
2.
Sharp Appliances
Distribution of Net Income Statement
For Year Ended December 31, 20–
Agnes Carlsson
Sharp Appliances
Owners’ Equity Statement
For Year Ended December 31, 20–
Agnes Carlsson
Capital, January 1, 20– 79 5 0 0 00
Share of Net Income 24 9 7 8 00
23-2.2 APPLICATION PROBLEM (LO4), p. 745
Preparing an owners’ equity statement (net decrease in capital)
Evergreen Gardens
Owners’ Equity Statement
For Year Ended December 31, 20–
Heather Graham
Capital, January 1, 20– 62 1 5 0 00
Plus Additional Investment 6 0 0 0 00
Total 68 1 5 0 00
Chapter 23 Accounting for Partnerships • 773
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
23-3 APPLICATION PROBLEM (LO5, 6, 7), p. 745
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
2 2
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
1 1
7 7
8 8
9 9
20–
Apr. 5✔534 ✔1 0 0 0 00 1 0 0 0 00
20–
Apr. 1Loss on Realization R364 1 0 0 0 00 8 0 0 0 00
Accum. Depr.—Office Equipment 11 0 0 0 00
23-3 APPLICATION PROBLEM (concluded)
GENERAL JOURNAL PAGE 4
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
7 7
8 8
19 19
20 20
21 21
22 22
23 23
20–
Apr. 6Gain on Realization M141 4 0 0 00
Rebecca Dixon, Capital 2 6 0 00
Chapter 23 Accounting for Partnerships • 775
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
1., 4.
CASH RECEIPTS JOURNAL PAGE 13
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
CASH PAYMENTS JOURNAL PAGE 13
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
1 1
8 8
9 9
2., 4.
20–
Mar. 31 Sean Fleming, Drawing 212 1 6 0 0 00 1 6 0 0 00
20–
Jan. 15 Sean Fleming, Capital R110 12 0 0 0 00 12 0 0 0 00
2., 4.
GENERAL JOURNAL PAGE 7
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
13 13
14 14
15 15
3.
20–
Mar. 31 Shannon Fleming, Drawing M81 2 0 0 0 00
Supplies 2 0 0 0 00
CarpetClean
Distribution of Net Income Statement
For Year Ended December 31, 20–
Sean Fleming
4.
CarpetClean
Owners’ Equity Statement
For Year Ended December 31, 20–
Sean Fleming
Capital, January 1, 20– 35 6 2 0 00
Plus Additional Investment 12 0 0 0 00
Total 47 6 2 0 00
23-C CHALLENGE PROBLEM (LO3, 4), p. 747
Preparing a distribution of net income statement and an owners’ equity statement with
unequal distribution of net loss and additional investment
1.
2.
Travel Trinkets
Distribution of Net Income Statement
For Year Ended December 31, 20–
Kalima Verma
65% of Net Loss 10 5 1 0 50
Travel Trinkets
Owners’ Equity Statement
For Year Ended December 31, 20–
Kalima Verma
Capital, January 1, 20– 62 6 4 7 00
Plus Additional Investment 5 5 0 0 00
Total 68 1 4 7 00
Share of Net Loss 10 5 1 0 50
Plus Withdrawals 9 0 0 0 00
Net Decrease in Capital 19 5 1 0 50
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