CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 23-1LESSON 23-1

Forming a Partnership

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

2

LESSON 23-1

INITIAL INVESTMENTS BY OWNERSINITIAL INVESTMENTS BY OWNERS

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January 1. Received cash from partner, Sawyer Hess, as an initial investment, $15,000.00. Receipt No. 1.

January 1. Received cash, $10,000.00, and office equipment valued at $5,000.00, from partner, Kendra Sullivan, as an initial investment. Receipt No. 2.

4. Write the debit and credit amounts.

44 44

1. Write the date.

5. Write the debits to Cash.2. Write the account titles.

3. Write the receipt numbers.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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LESSON 23-1

WITHDRAWAL OF CASH BY PARTNERWITHDRAWAL OF CASH BY PARTNER

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January 15. Kendra Sullivan, partner, withdrew cash for personal use, $500.00. Check No. 10.

1. Write the date.

2. Write the title of the account debited.

3. Write the check number.

4. Write the debit amount.

5. Write the credit amount.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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LESSON 23-1

WITHDRAWAL OF MERCHANDISE WITHDRAWAL OF MERCHANDISE BY PARTNERBY PARTNER page 678

January 15. Sawyer Hess, partner, withdrew merchandise for personal use, $200.00. Memorandum No. 1.

2. Write the account title.

3. Write the memorandum number.

4. Write the debit amount.

5. Write the account title.

1. Write the date.

6. Write the credit amount.

11

2233 44

55 66

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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LESSON 23-1

TERMS REVIEWTERMS REVIEW

partnership partner partnership agreement

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