Study Guide 23. Part One Identifying Accounting Terms. Answers. Column II. Column I
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1 Study Guide 23 Name Part One Identifying Accounting Terms Identifying Accounting Terms Identifying Accounting Concepts and Practices Analyzing Partnership Transactions Directions: Select the one term in Column I that best fits each definition in Column II. Print the letter identifying your choice in the Answers column. Total Perfect Score 7 Pts. 11 Pts. 27 Pts. 45 Pts. Your Score Column I A. distribution of net income statement B. liquidation of a partnership C. owners equity statement D. partner E. partnership F. partnership agreement G. realization Column II 1. A business in which two or more persons combine their assets and skills. (p. 722) 2. Each member of a partnership. (p. 722) 3. A written agreement setting forth the conditions under which a partnership is to operate. (p. 722) 4. A partnership financial statement showing net income or loss distribution to partners. (p. 728) 5. A financial statement that summarizes the changes in owners equity during a fiscal period. (p. 730) 6. The process of paying a partnership s liabilities and distributing remaining assets to the partners. (p. 735) 7. Cash received from the sale of assets during liquidation of a partnership. (p. 735) Answers 1. E 2. D 3. F 4. A 5. C 6. B 7. G Chapter 23 Accounting for Partnerships 209
2 Part Two Identifying Accounting Concept and Practices Directions: Place a T for True or an F for False in the Answers column to show whether each of the following statements is true or false. 1. In a partnership, it is necessary to separate reports and financial records of the business from the personal records of the partners. (p. 722) 2. During a fiscal period, partners may take assets out of the partnership in anticipation of the net income for the period. (p. 725) 3. Withdrawals increase the amount of a business s capital. (p. 725) 4. The drawing accounts have normal debit balances. (p. 725) 5. A partnership s net income or net loss may be divided unequally between the partners. (p. 728) 6. The owners equity statement enables business owners to determine if owners equity is increasing or decreasing and what is causing the change. (p. 730) 7. When a partnership goes out of business, any remaining cash is distributed to the partners according to each partner s total equity. (p. 735) 8. Noncash assets cannot be sold for less than the recorded book value. (p. 737) 9. The Loss on Realization account is usually included in the Other Expenses section of the chart of accounts. (p. 737) 10. The distribution for loss or gain on realization is based on the method of distributing net income or net loss as stated in the partnership agreement. (p. 738) 11. If there is a gain on realization, each partner s capital account is debited for the partner s share of the gain. (p. 739) Answers 1. T 2. T 3. F 4. T 5. T 6. T 7. T 8. F 9. T 10. T 11. F 210 Working Papers TE
3 Name Date Class Part Three Analyzing Partnership Transactions Directions: Determine in which journal each of the transactions is to be recorded. Analyze each of the following entries into debit and credit parts. Print letters (A through K) in the proper Answers columns identifying the accounts to be debited and credited. G General Journal; CP Cash Payments Journal; CR Cash Receipts Journal Answers Account Titles Transactions Journal Debit Credit A. Accounts Payable Partners Katlyn Chuka and Dennis Rosecrans each contribute cash and office equipment to the partnership. (p. 724) 1. CR 2. C, J 3. D, G B. Accumulated Depreciation Office Equipment Dennis Rosecrans withdraws cash from the business for personal use. (p. 725) 4. CP 5. E 6. C C. Cash Katlyn Chuka withdraws supplies for personal use. (p. 726) D. Dennis Rosecrans, Capital E. Dennis Rosecrans, Drawing The partnership is liquidated, and the office equipment, costing $16,000 and having a book value of $10,000, is sold for $11,250. (p. 736) The partnership is liquidated, and the supplies valued at $ are sold for $ (p. 737) F. Gain on Realization The partnership is liquidated, and cash is paid to all creditors for the amounts owed. (p. 738) G. Katlyn Chuka, Capital H. Katlyn Chuka, Drawing A gain on realization is distributed to the partners. (p. 739) A loss on realization is distributed to the partners. (p. 739) 7. G 8. H CR 11. B, C CR 14. C, I CP 17. A G 23. D, G 24. L F, J 19. G 20. F 21. D, G L C I I. Loss on Realization After liquidation, the remaining cash is distributed to the partners. (p. 740) J. Office Equipment K. Purchases L. Supplies 25. CP 26. D, G 27. C Chapter 23 Accounting for Partnerships 211
4 1 P A R T N E R 2 3 P F S A R 4 R E A L H R A I Z A T I O N P N C 5 P A R T E H N E R S H I P A G R E E M E N T S E Across 4. Cash received from the sale of assets during liquidation of a partnership. 5. A written agreement setting forth the conditions under which a partnership is to operate. Down 1. A business in which two or more persons combine their assets and skills. 2. Each member of a partnership. 3. A right granted to an individual or business to sell the products or services of another, larger business within a defined geographical area. 212 Working Papers TE
5 Name Date Class 23-1 WORK TOGETHER, p. 727 Journalizing partners investments and withdrawals RECEIPTS JOURNAL PAGE RECEIVABLE TAX Apr. 1 Supplies R Sofie Pavlov, Capital Noah Mancini, Capital R PAYMENTS JOURNAL PAGE CK. PURCHASES Apr. 30 Sofie Pavlov, Drawing Chapter 23 Accounting for Partnerships 213
6 23-1 WORK TOGETHER (concluded) DATE ACCOUNT TITLE GENERAL JOURNAL PAGE 4 Apr. 30 Noah Mancini, Drawing M Supplies Working Papers TE
7 Name Date Class 23-1 ON YOUR OWN, p. 727 Journalizing partners investments and withdrawals RECEIPTS JOURNAL PAGE RECEIVABLE TAX Oct. 1 Equipment R Abdalla Ballo, Capital Rashad Ballo, Capital R PAYMENTS JOURNAL PAGE CK. PURCHASES Oct. 30 Abdalla Ballo, Drawing Chapter 23 Accounting for Partnerships 215
8 23-1 ON YOUR OWN (concluded) DATE ACCOUNT TITLE GENERAL JOURNAL PAGE 10 Oct. 30 Rashad Ballo, Drawing M Supplies Working Papers TE
9 Name Date Class 23-2 WORK TOGETHER, p. 734 Preparing distribution of net income and owners equity statements 1. Carpet World Distribution of Net Income Statement For Month Ended April 30, Sofie Pavlov 50% of Net Income Noah Mancini 50% of Net Income Net Income Carpet World Owners Equity Statement For Month Ended April 30, Sofie Pavlov Capital, April 1, Share of Net Income Less Withdrawals Net Increase in Capital Capital, April 30, Noah Mancini Capital, April 1, Share of Net Income Less Withdrawals Net Increase in Capital Capital, April 30, Total Owners' Equity, April 30, Chapter 23 Accounting for Partnerships 217
10 23-2 ON YOUR OWN, p. 734 Preparing distribution of net income and owners equity statements 1. Ballo Brothers Distribution of Net Income Statement For Month Ended October 31, Abdalla Ballo 60% of Net Income Rashad Ballo 40% of Net Income Net Income Ballo Brothers Owners Equity Statement For Month Ended October 31, Abdalla Ballo Capital, October 1, Share of Net Income Less Withdrawals Net Increase in Capital Capital, October 31, Rashad Ballo Capital, October 1, Share of Net Income Less Withdrawals Net Increase in Capital Capital, October 31, Total Owners' Equity, October 31, Working Papers TE
11 Name Date Class 23-3 WORK TOGETHER, p. 741 Liquidation of a partnership Cash $25, Supplies 2, Office Equipment 30, Accumulated Depreciation Office Equipment 16, Truck 51, Accumulated Depreciation Truck 36, Accounts Payable 2, Johanna Salo, Capital 26, Stefan Salo, Capital 26, RECEIPTS JOURNAL PAGE TAX RECEIVABLE Apr. 1 Loss on Realization R Accum. Depr. Office Equipment Office Equipment Loss on Realization R Supplies Accum. Depr. Truck R Truck Gain on Realization Chapter 23 Accounting for Partnerships 219
12 23-3 WORK TOGETHER (concluded) PAYMENTS JOURNAL PAGE CK. PURCHASES Apr Johanna Salo, Capital Stefan Salo, Capital GENERAL JOURNAL PAGE 4 Apr. 6 Gain on Realization M Johanna Salo, Capital Stefan Salo, Capital Johanna Salo, Capital M Stefan Salo, Capital Loss on Realization Working Papers TE
13 Name Date Class 23-3 ON YOUR OWN, p. 741 Liquidation of a partnership Cash $35, Supplies 3, Office Equipment 20, Accumulated Depreciation Office Equipment 16, Truck 70, Accumulated Depreciation Truck 60, Accounts Payable 16, Carlo Diaz, Capital 26, Olivia Thompson, Capital 10, RECEIPTS JOURNAL PAGE TAX RECEIVABLE July 1 Loss on Realization R Accum. Depr. Office Equipment Office Equipment Supplies R Gain on Realization Accum. Depr. Truck R Truck Gain on Realization Chapter 23 Accounting for Partnerships 221
14 23-3 ON YOUR OWN (concluded) PAYMENTS JOURNAL PAGE CK. PURCHASES July Carlo Diaz, Capital Olivia Thompson, Capital GENERAL JOURNAL PAGE 7 July 6 Gain on Realization M Carlo Diaz, Capital Olivia Thompson, Capital Carlo Diaz, Capital M Olivia Thompson, Capital Loss on Realization Working Papers TE
15 Name Date Class 23-1 APPLICATION PROBLEM (LO1, 2), p. 744 Journalizing partners investments and withdrawals RECEIPTS JOURNAL PAGE RECEIVABLE TAX May 1 Equipment R Alka Wozniak, Capital Florian Kaminski, Capital R PAYMENTS JOURNAL PAGE CK. PURCHASES May 30 Florian Kaminski, Drawing Chapter 23 Accounting for Partnerships 223
16 23-1 APPLICATION PROBLEM (concluded) DATE ACCOUNT TITLE GENERAL JOURNAL PAGE 5 May 30 Alka Wozniak, Capital M Supplies Working Papers TE
17 Name Date Class APPLICATION PROBLEM (LO3, 4), p. 744 Preparing distribution of net income and owners equity statements (net income) 1. Sharp Appliances Distribution of Net Income Statement For Year Ended December 31, Agnes Carlsson 60% of Net Income Viktor Lindberg 40% of Net Income Net Income Sharp Appliances Owners Equity Statement For Year Ended December 31, Agnes Carlsson Capital, January 1, Share of Net Income Less Withdrawals Net Increase in Capital Capital, December 31, Viktor Lindberg Capital, January 1, Share of Net Income Less Withdrawals Net Increase in Capital Capital, December 31, Total Owners' Equity, December 31, Chapter 23 Accounting for Partnerships 225
18 APPLICATION PROBLEM (LO4), p. 745 Preparing an owners equity statement (net decrease in capital) Evergreen Gardens Owners Equity Statement For Year Ended December 31, Heather Graham Capital, January 1, Plus Additional Investment Total Share of Net Loss Plus Withdrawals Net Decrease in Capital Capital, December 31, Travis Owens Capital, January 1, Plus Additional Investment Total Share of Net Loss Plus Withdrawals Net Decrease in Capital Capital, December 31, Total Owners' Equity, December 31, Working Papers TE
19 Name Date Class 23-3 APPLICATION PROBLEM (LO5, 6, 7), p. 745 Liquidating a partnership RECEIPTS JOURNAL PAGE RECEIVABLE TAX Apr. 1 Loss on Realization R Accum. Depr. Office Equipment Office Equipment Loss on Realization R Supplies Accum. Depr. Truck R Truck Gain on Realization PAYMENTS JOURNAL PAGE CK. PURCHASES Apr Rebecca Dixon, Capital Doris Dixon, Capital Chapter 23 Accounting for Partnerships 227
20 23-3 APPLICATION PROBLEM (concluded) DATE ACCOUNT TITLE GENERAL JOURNAL PAGE 4 Apr. 6 Gain on Realization M Rebecca Dixon, Capital Doris Dixon, Capital Rebecca Dixon, Capital M Doris Dixon, Capital Loss on Realization Working Papers TE
21 Name Date Class 23-M MASTERY PROBLEM (LO1, 2, 3, 4, 5, 6, 7), p. 746 Recording partners investments and withdrawals, preparing financial statements, and liquidating a partnership 1., 4. RECEIPTS JOURNAL PAGE RECEIVABLE TAX Jan. 15 Sean Fleming, Capital R Equipment R Shannon Fleming, Capital Dec. 31 Loss on Realization R Merchandise Inventory Accum. Depr. Equipment R Equipment Gain on Realization , 4. PAYMENTS JOURNAL PAGE CK. PURCHASES Mar. 31 Sean Fleming, Drawing Dec Sean Fleming, Capital Shannon Fleming, Capital Chapter 23 Accounting for Partnerships 229
22 23-M MASTERY PROBLEM (continued) 2., 4. DATE ACCOUNT TITLE GENERAL JOURNAL PAGE 7 Mar. 31 Shannon Fleming, Drawing M Supplies Dec. 31 Gain on Realization M Sean Fleming, Capital Shannon Fleming, Capital Sean Fleming, Capital M Shannon Fleming, Capital Loss on Realization CarpetClean Distribution of Net Income Statement For Year Ended December 31, Sean Fleming 50% of Net Income Shannon Fleming 50% of Net Income Net Income Working Papers TE
23 Name Date Class 23-M Mastery Problem (concluded) 4. CarpetClean Owners Equity Statement For Year Ended December 31, Sean Fleming Capital, January 1, Plus Additional Investment Total Share of Net Income Less Withdrawals Net Increase in Capital Capital, December 31, Shannon Fleming Capital, January 1, Plus Additional Investment Total Share of Net Income Less Withdrawals Net Increase in Capital Capital, December 31, Total Owners Equity, December 31, Chapter 23 Accounting for Partnerships 231
24 23-C CHALLENGE PROBLEM (LO3, 4), p. 747 Preparing a distribution of net income statement and an owners equity statement with unequal distribution of net loss and additional investment 1. Travel Trinkets Distribution of Net Income Statement For Year Ended December 31, Kalima Verma 65% of Net Loss Amar Tambe 35% of Net Loss Net Loss Travel Trinkets Owners Equity Statement For Year Ended December 31, Kalima Verma Capital, January 1, Plus Additional Investment Total Share of Net Loss Plus Withdrawals Net Decrease in Capital Capital, December 31, Amar Tambe Capital, January 1, Plus Additional Investment Total Share of Net Loss Plus Withdrawals Net Decrease in Capital Capital, December 31, Total Owners Equity, December 31, Working Papers TE
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