Answer and Explanation:
The journal entry is shown below:
Peter ($174,000 - ($66,000 ÷ 2)) $141,000
Chong ($162,000 - ($66,000 ÷ 2)) $129,000
To Cash $270,000
(Being the distribution should be recorded)
For this the capital accounts are debited as it reduced the stockholder equity and credited the cash as it also decreased the assets
This partnership is <span> valid because corporations can be a partner in a partnership
According to united states rules, corporation could be a general partner within a partnership. IF this happens, the corporation will legally be treated as a 'single person' which has similar rights and responsibilities like other partners ( </span><span>William, irene, jason, and barbara, )</span>
Answer:
The cash paid on May 8 is: $5,880
Explanation:
Credit terms of 2/10, net 30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.
The company purchased $6,500 of merchandise on May 1. On May 6, it returned $500 of that merchandise.
The balance owed for merchandise = $6,500 - $500 = $6,000
On May 8, it paid the balance owed for merchandise, taking any discount it is entitled to.
The company took the appropriate discount:
2% x $6,000 = $120
The cash paid = $6,000 - $120 = $5,880
Demand.
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Date Account title $Debit $Credit
Dec 31 Wages Expenses 4800
Wages Payable 4800
(to record accrued wages)
Jan 06 Wages Payable 4800
Cash 4800
(to record payment of wages in cash)
An accounting period, in bookkeeping, is the length with reference to which management accounts and monetary statements are prepared. In management accounting, the accounting period varies widely and is decided via management. monthly accounting periods are common.
An accounting duration is the time frame for which a business prepares its financial statements and reports its financial performance and position to external stakeholders. this could be after three, six, or twelve months. The accounting period usually coincides with the business's fiscal year.
learn more about the fiscal year here brainly.com/question/15982144
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