TEST 1.

(1). AMY TEDDY

Cash 125,000 65,000

Property and Equipment 650,000

Building 340,000
Mortgage Payable 500,000
Furniture and Fixtures 40,000
Formed of Partnership

Dr Cr
Cash 190,000
Property and Equipment 990,000
Building 10,000,000
Furmiture and Fixture 40,000
Mortgage Loan Payable -500,000
AMY 815,000
TEDDY 1,405,000

(2).
LEWIS PEARL
Cash 500,000
Building 790,000
Equipment 150,000
Account receivable 75,000
Capital 1,290,000 225,000

Dr. Cr.
Cash 500,000
Building 790,000
Equipment 150,000
Account Receivable 75,000
Lewis 1,290,000
Pearl 825,000

(3).
RILEY KYLE
Accounts Payable 35,000
Cash 65,000 180,000
Account Receivable 38,000
Building 50,000
Capital 118,000 118,000
Dr. Cr.
Cash 183,000
Account Receibable 38,000
Building 50,000
Accounts Payable 35,000
RILEY 118,000
KYLE 118,000

Memo Entry: Lucinda anetrs the partneship with her skill.

TEST 2.

BOOKS OF JAMES
Dr. Cr,
1. James, Capital 2,400
Allowance for 2,400

2. James, Capital 22,000

Merchandise Inventory 22,000

3. Prepaid Expenses 2,500

Accured Expenses 4,000

BOOKS OF JAMES
Dr. Cr.
Cash 68,050
Account Receivable 120,000
Merchandise Inventory 202,000
Prepaid Expenses 6,500
AFDA 2,400
Accured Expenses 4,000
Accounts Payable 84,100
James Capital 42,050
 Dani to invest sufficient funds in ordder to receive 1/
Jmes, capital
Cash 26,000 dani, capital
Account Receivable 120,000 total, capital
Merchandise Inventory 282,000
Accounts Payabale 202,000
AFDA 2,400
Prepaid Expenses 6,500
Accured Expenses 4,000
James Capital 84,100
t funds in ordder to receive 1/3 interest.
84,100
40,050
126,150