I only need help with the ones I got wrong for part c I need answer...

I only need help with the ones I got wrong for part c I need answer for Hugh and Jacob's Capital and for part D I need answer for Thomas, Hugh and Jacob's Capital. 

Image transcription text

In the early part of 2021, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant's services. Hugh and Jacobs began the partnership by contributing $145,000 and $95,000 in cash, respectively. Hugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows: Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period. A compensation allowance of $6,000 was to go to Hugh with a $25,000 amount assigned to Jacobs. Any remaining income would be split on a 4:6 basis to Hugh and Jacobs, respectively. n 2020, revenues totaled $170,000, and expenses were $143,000 (not including the partners' compensation allowance). Hugh withdrew cash of $8,000 during the year, and Jacobs took out $13,000. In addition, the business paid $7,000 for repairs made to Hugh's home and charged it to repair expense On January 1, 2021, the partnership sold a 20 percent interest to Thomas for $74,000 cash. This money was contributed to the business with the bonus method used for accounting purposes. Answer the following questions: c. What journal entries should the partnership have recorded on December 31, 2020? d. What journal entry should the partnership have recorded on January 1, 2021? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required C Required D What journal entries should the partnership have recorded on December 31, 2020? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit Hugh, drawings 7,000 Repair expense 7,000 2 2 Hugh, capital 15,000 Jacobs, capital 13,000 Hugh, drawings 15,000 Jacobs, drawings 13,000 3 3 Revenues 170,000 Expenses 136,000 Income summary 34,000 4 Income summary 34,000 Hugh, capital 13,200 X Jacobs, capital Required C Required D

... Show more

 

Image transcription text

Problem 14-26 (Algo) (LO 14-2, 14-4, 14-6, 14-9) In the early part of 2021, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant's services. Hugh and Jacobs began the partnership by contributing $145,000 and $95,000 in cash, respectively. Hugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows: Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period. A compensation allowance of $6,000 was to go to Hugh with a $25,000 amount assigned to Jacobs. Any remaining income would be split on a 4:6 basis to Hugh and Jacobs, respectively. n 2020, revenues totaled $170,000, and expenses were $143,000 (not including the partners' compensation allowance). Hugh withdrew cash of $8,000 during the year, and Jacobs took out $13,000. In addition, the business paid $7,000 for repairs made to Hugh's home and charged it to repair expense On January 1, 2021, the partnership sold a 20 percent interest to Thomas for $74,000 cash. This money was contributed to the business with the bonus method used for accounting purposes. Answer the following questions: c. What journal entries should the partnership have recorded on December 31, 2020? . What journal entry should the partnership have recorded on January 1, 2021? x Answer is not complete. Complete this question by entering your answers in the tabs below. Required C Required D What journal entry should the partnership have recorded on January 1, 2021? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit Cash 74,000 Thomas, capital 62,800 X Hugh, capita 2,400 X Jacobs, capital 3,600 X < Required C Required D >

... Show more