2 3 4 PARTNER'S CAPITAL Choose Exercise Number (1-5): Partnership Journal Entries--Lake and Bay started...
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2 3 4 PARTNER'S CAPITAL Choose Exercise Number (1-5): Partnership Journal Entries--Lake and Bay started a partnership. Show the indicated entries. 1 5 6 2 7 8 3 Lake contributed cash of $40,000 and equipment with cost of $30,000 and fair market value of $26,000. 9 10 11 1 0 12 2 0 3 0 13 14 The income summary ends up with a credit balance of $90,000. Lake and Bay share profits equally. 15 1 0 0 16 17 18 19 20 2 Lake withdrew $5,000 cash from the partnership. 0 21 What is Lake's ending capital balance in the partnership? FREE SPACE FOR YOUR NOTES OR COMMENTS. 22 23 24 25 26 27
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