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Week 6: Partnerships Required Journal Entries: ...

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Accounting

Week 6: Partnerships
Required Journal Entries:
1-Feb Mark and Paul form a legal partnership. Mark invests $25,000 cash and Paul invests $32,000 cash into the company.
31-Oct The partnership earned $65,000 income in the first year of operations. o The partners agreed to share income equally o The partners agreed to share income in proportion to their initial investments.
31-Oct The partnership lost $17,000 income in the first year of operations. o The partners agreed to share loss equally o The partners agreed to share loss in proportion to their initial investments.
General Journal
Date Account PR Dr Cr
Week 6

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