26 Jan Edward Vinzant operates a store that sells paintin
Edward Vinzant operates a store that sells paintings and portraits by local artists. Vinzant has agreed to enter into a partnership with Shirley Cosby, effective January 1, 2016. The new firm will be called The Artist s Supply. Vinzant is to transfer the assets and liabilities of his business to the partnership at the values agreed on. Cosby will invest cash that is equal to Vinzant s investment after revaluation. The accounts shown on Vinzant s books and the agreed-on value of assets and liabilities follow: Instructions 1. Prepare the general journal entries to record the following transactions on the books of the partnership on January 1, 2016: a. Receipt of Vinzant s investment of assets and liabilities. b. Receipt of Cosby s investment of cash. 2. Prepare a balance sheet for the partnership as of the beginning of its operations on January 1, 2016. Analyze: If Shirley Cosby agreed to a cash investment equal to 80 percent of the value of Edward Vinzant s investment, what would the balance of Shirley Cosby s capital account be after the formation of the partnership?
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