{"id":53267,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/accounting-tutors-only-please"},"modified":"2017-08-16T13:30:24","modified_gmt":"2017-08-16T13:30:24","slug":"accounting-tutors-only-please","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/accounting-tutors-only-please\/","title":{"rendered":"Accounting Tutors ONLY PLEASE"},"content":{"rendered":"<p>Two people are starting a small IT firm. They come to you for advice on how to form a partnership. They have listed 2 scenarios and are asking you how to make journal entries for each one of the following transactions:<\/p>\n<ol>\n<li>Two partners, A and B, start a partnership.&nbsp;\n<ul>\n<li>Partner A\u2019s investment is the following:&nbsp;\n<ul>\n<li>Cash: $20,000&nbsp;<\/li>\n<li>Inventory: $30,000&nbsp;<\/li>\n<li>Accounts payable: $50,000&nbsp;<\/li>\n<li>Computer equipment: $40,000&nbsp;<\/li>\n<li>Accumulated depreciation: $20,000&nbsp;<\/li>\n<\/ul>\n<\/li>\n<li>Partner B\u2019s investment is the following:&nbsp;\n<ul>\n<li>Cash: $10,000&nbsp;<\/li>\n<li>Computer software: $20,000&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Two partners, Small and Big, form a partnership in which Small invested $40,000 and Big invested $60,000 for a total capital of $100,000. But Small devotes more time to the business and earns more from the firm. They have agreed to share the profits as follows:&nbsp;\n<ul>\n<li>The first $20,000 is allocated on the partner\u2019s capital balances.&nbsp;<\/li>\n<li>The next $30,000 is allocated based on service: Small gets $20,000, and Big gets $10,000.&nbsp;<\/li>\n<li>Any remaining profits are allocated equally.&nbsp;<\/li>\n<li>The partnership\u2019s net income is $100,000.&nbsp;<\/li>\n<li>What is Small\u2019s portion of the net income? What is Big\u2019s portion of the net income? Make the entry for this allocation.&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p><b>Please submit your assignment.<\/b><\/p>\n<p><b>For assistance with your assignment, please use your text, Web resources, and all course materials.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two people are starting a small IT firm. They come to you for advice on how to form a partnership. They have listed 2 scenarios and are asking you how to make journal entries for each one of the following <a href=\"https:\/\/www.benedictsol.com\/blogs\/accounting-tutors-only-please\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-53267","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/53267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=53267"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/53267\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=53267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=53267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=53267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}