In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate candies under the company name T&L Chocolates. Thomas contributed P580,000 in cash to the business. Lopez contributed the building and equipment, valued at P480,000 and P230,000, respectively. The partnership had an income of P675,000 during 2013 but was less successful during 2014, when income was only P580,000. For #s 1-12: 1. Prepare the journal entry to record the investment of both partners in the partnership. JOURNAL ENTRIES DEBIT CREDIT (2) (1) (3) (4) Initial investment of Edi Thomas in T&L Chocolates. (5) (7) (9) (11) (12) Initial investment of George Lopez in T&L Chocolates. (6) (8) (10)

In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate candies under the company name T&L Chocolates. Thomas contributed P580,000 in cash to the business. Lopez contributed the building and equipment, valued at P480,000 and P230,000, respectively. The partnership had an income of P675,000 during 2013 but was less successful during 2014, when income was only P580,000. For #s 1-12: 1. Prepare the journal entry to record the investment of both partners in the partnership. JOURNAL ENTRIES DEBIT CREDIT (2) (1) (3) (4) Initial investment of Edi Thomas in T&L Chocolates. (5) (7) (9) (11) (12) Initial investment of George Lopez in T&L Chocolates. (6) (8) (10)

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 9M

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