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  • Prob 2

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    irene
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    The document shows accounting transactions and financial statements for a partnership. It records investments from partners San Mateo and Caballes. Assets include cash, accounts receivable, inventory, prepaid expenses and equipment. Liabilities are accounts payable and allowance for uncollectible accounts. Equity includes capital accounts for each partner. An income summary closes income equally to each partner's drawing and capital account.

    Original Description:

    Parcor dissolution

    Original Title

    PROB-2

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    The document shows accounting transactions and financial statements for a partnership. It records investments from partners San Mateo and Caballes. Assets include cash, accounts receivable, inventory, prepaid expenses and equipment. Liabilities are accounts payable and allowance for uncollectible accounts. Equity includes capital accounts for each partner. An income summary closes income equally to each partner's drawing and capital account.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    32 views2 pages

    Prob 2

    Uploaded by

    irene
    The document shows accounting transactions and financial statements for a partnership. It records investments from partners San Mateo and Caballes. Assets include cash, accounts receivable, inventory, prepaid expenses and equipment. Liabilities are accounts payable and allowance for uncollectible accounts. Equity includes capital accounts for each partner. An income summary closes income equally to each partner's drawing and capital account.

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    © All Rights Reserved
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    of 2

    PROB #2

    MERCHANDISE INVENTORY 223,400


    241,000
    INCREASE 17,600

    OFFICE EQUIPMENT 459,000


    459,000
    153,000 183,000
    306,000 276,000

    SAN MATEO, CAPITAL


    12,400
    MERCHANDIE INVENTORY 17,600
    ACCUMULATED DEPRECIATION 30,000
    TO ADJUST

    ACCOUNTS PAYABLE 191,000


    ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS 10,500
    ACCUMULATED DEPRECIATION 183,000
    SAN MATEO, CAPITAL 404,500
    ACCOUNTS RECEIVABLE 72,000
    MERCHANDISE INVENTORY 241,000
    PREPAID EXPENSES 17,000
    OFFICE EQUIPMENT 459,000
    TO CLOSE

    ACCOUNTS RECEIVABLE 72,000


    MERCHANDISE INVENTORY 241,000
    PREPAID EXPENSES 17,000
    OFFICE EQUIPMENT 276,000
    ACCOUNTS PAYABLE 191,000
    ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS 10,500
    SAN MATEO, CAPITAL 404,500
    TO RECORD INVESTMENT OF SAN MATEO

    CASH 404,500
    CABALLES, CAPITAL 404,500
    TO RECORD INVESTMENT OF CABALLES
    PARTNERSHIP NAME
    STATEMENT OF FINANCIAL
    POSITION
    AS OF JUNE 30, 20XX

    ASSET
    CASH 404,500
    ACCOUNTS RECEIVABLE 72,000
    MERCHANDISE INVENTORY 241,000
    PREPAID EXPENSES 17,000
    OFFICE EQUIPMENT 276,000

    TOTAL ASSET 1,010,500

    LIABILITY AND EQUITY


    ACCOUNTS PAYABLE 191,000
    ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS 10,500
    SAN MATEO, CAPITAL 404,500
    CABALLES, CAPITAL 404,500

    TOTAL LIABILITY AND EQUITY 1,010,500

    INCOME SUMMARY 450,000


    SAN MATEO, DRAWING 300,000
    CABALLES, DRAWING 150,000
    TO CLOSE INCOME SUMMARY

    450,000 * 2/3 = 300,000


    450,000 * 1/3 = 150,000

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