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Application Problem: Journalizing partners’ investments and withdrawals May   1. Received cash of $4,000.00 and equipment valued...

Application Problem: Journalizing partners’ investments and withdrawals
May   1.
Received cash of $4,000.00 and equipment valued at $66,000.00 from partner, Alka Wozniak, as an
investment. Receipt No. 1. 1.   Received cash from partner, Florian Kaminski, as an initial investment, $60,000.00. Receipt No. 2.
30.   Florian Kaminski, partner, withdrew cash for personal use, $7,200.00. Check No. 42. 30.   Alka Wozniak, partner, withdrew supplies for personal use, $9,600.00. Memorandum No. 8.

Business   Accounting   
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Answer #1

Solution:

Journal Entries
Date Particulars Debit Credit
1-May Cash Dr $64,000.00
Equipment Dr $66,000.00
           To Alka Wozniak's capital $70,000.00
           To Florian Kaminski's capital $60,000.00
(To record investment in partnership)
30-May Florian Kaminski's drawings Dr $7,200.00
Alka Wozniak's drawings Dr $9,600.00
           To Cash $7,200.00
           To Supplies $9,600.00
(To record partner's withdrawl)
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