Chapter 5
Partnerships
220
Application Questions Group A
AP-1A (
3
)
Chandra Heesch and Allie Owenby have decided to form a partnership on January 1, 2016.
Each partner has agreed to contribute $10,000. Write the journal entry to record the formation
of the partnership.
Date
Account Title and Explanation
Debit
Credit
AP-2A (
3
)
On May 1, 2016, Nataliya, Sam and Seechi form a partnership and open a small convenience
store. All the partners invest $10,000 cash, and Nataliya also invests equipment worth $5,000.
Required
a) Calculate the total contribution of each partner.
Nataliya
Sam
Seechi
