Type: Individual ProjectUNIT: PartnershipsDUE DATE: Wed, 2/22/17DELIVERABLE LENGTH: 600800 words + journal entriesASSIGNMENT DESCRIPTIONTwo people are starting a small IT firm. They come to you for advice on how to form a partnership. They have listed 2 scenarios and are asking you how to make journal entries for each one of the following transactions:Two partners, A and B, start a partnership.Partner As investment is the following:Cash: $20,000Inventory: $30,000Accounts payable: $50,000Computer equipment: $40,000Accumulated depreciation: $20,000Partner Bs investment is the following:Cash: $10,000Computer software: $20,000Two partners, Small and Big, form a partnership in which Small invested $40,000 and Big invested $60,000 for a total capital of $100,000. But Small devotes more time to the business and earns more from the firm. They have agreed to share the profits as follows:The first $20,000 is allocated on the partners capital balances.The next $30,000 is allocated based on service: Small gets $20,000, and Big gets $10,000.Any remaining profits are allocated equally.The partnerships net income is $100,000.What is Smalls portion of the net income? What is Bigs portion of the net income? Make the
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