Name Date Class
23-R RECYCLING PROBLEM (LO1, 2, 3, 4, 5, 6, 7)
Recording partners’ investments and withdrawals, preparing financial statements, and
liquidating a partnership
1., 5.
CASH RECEIPTS JOURNAL PAGE 13
SALES
CREDIT
CASH PAYMENTS JOURNAL PAGE 13
PAYABLE
2., 5.
31 Johannes Kilmeta, Capital 719 19 2 5 0 00 19 2 5 0 00
31 Joseph Schwantz, Capital 720 19 2 5 0 00 19 2 5 0 00
Johannes Kilmeta, Capital 5 0 0 0 00
15 Joseph Schwantz, Capital R522 5 0 0 0 00 5 0 0 0 00
Gain on Realization 3 0 0 00
31 Accum. Depr.—Equipment R774 25 0 0 0 00 2 0 0 0 00
Loss on Realization 1 0 0 0 00
Equipment 28 0 0 0 00
104 • Recycling Problem Working Papers
2., 5.
GENERAL JOURNAL PAGE 7
DATE ACCOUNT TITLE DOC.
NO. POST.
REF. DEBIT CREDIT
1 1
3.
TE
20–
July 31 Joseph Schwantz, Drawing M291 4 0 0 0 00
J & J Painters
Distribution of Net Income Statement
For Year Ended December 31, 20–
Johannes Kilmeta
50% of Net Income 7 4 0 0 00
Chapter 23 Accounting for Partnerships • 105
4.
J & J Painters
Owners’ Equity Statement
For Year Ended December 31, 20–
Johannes Kilmeta
Capital, January 1, 20– 11 2 0 0 00
Plus Additional Investment 5 0 0 0 00
Total 16 2 0 0 00
