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Calculate balance in each partner capital account on nov

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Reference no: EM132499514

On November 1, 2020, Jack Grant, Heather Thomas, and George Sanders formed a partnership by contributing $40,000 in cash, $65,000 of equipment, and a truck worth $30,000 respectively. The partners agreed to share the profits and losses as follows: Thomas and Sanders were to receive an annual salary allowance of $140,000 each and the remaining profit or loss was to be shared 5 : 2 : 3. On October 31, 2021, the partnership's first year-end, the Income Summary account had a debit balance of $25,000 (loss).

Required

Question 1. Prepare journal entries for the following dates:

a. November 1, 2020

b. October 31, 2021 (share the loss accordingly and close Income Summary)

Question 2. Calculate the balance in each partner's capital account on November 1,2021, immediate after the year ended October 31, 2021 entry.

Reference no: EM132499514

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