Horngren’s Accounting, Volume 2, 11th Canadian Edition by Tracie Miller-Nobles Solution manual
(10 min.) E12-3
Req. 1
(All amounts in millions)
General Journal
DateAccount Titles and ExplanationsPost. Ref.DebitCredit
Nov.10Cash 3.0
Land 30.0
Note Payable 6.0
Jackson Cooke, Capital 27.0
To record Cooke’s investment in the partnership.
10Cash 15.0
Equipment 8.0
Julia Bamber, Capital 23.0
To record Bamber’s investment in the partnership.
Req. 2
(All amounts in millions)
Total assets $3 + $30 + $15 + ($14 – $6)* = $56
Total liabilities: $ 6
Total partners’ equity: $56 – $6 = $50
* equipment value is $8 ($14 – $6)
(10–15 min.) E12-4
Req. 1
General Journal
Date
2019
Account Titles and Explanations
Debit
Credit
Dec. 31Cash9,000
Accounts Receivable21,000
Inventory43,000
Vehicles108,000
Accounts Payable 23,000
Other Accrued Payables 13,000
Notes Payable 53,000
Demetrius, Capital 92,000
To record Demetrius’s contribution.
Dec. 31Cash3,000
Accounts Receivable14,000
Inventory40,000
Vehicles58,000
Accounts Payable 12,000
Garnett, Capital 103,000
To record Garnett’s contribution.
Req. 2
DEMETRIUS AND GARNETT
Balance Sheet
December 31, 2019
Assets Liabilities
Cash$ 12,000 Accounts payable$ 35,000
Accounts receivable35,000 Other accrued payables13,000
Inventory83,000 Notes payable53,000
Vehicles166,000 Total liabilities101,000
Partners’ Equity
Demetrius, capital92,000
Garnett, capital103,000
Total partners’ equity195,000
Total assets$296,000 Total liabilities and equity$296,000
(10–15 min.) E12-5
Req. 1
General Journal
DateAccount Titles and ExplanationsPost. Ref.DebitCredit