1. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 23-1 Forming a Partnership

2. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 23-1 INITIAL INVESTMENTS BY OWNERS 123 5 page 676 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 1.Write the date. 5.Write the debits to Cash.2.Write the account titles. 3.Write the receipt numbers.

3. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 23-1 WITHDRAWAL OF CASH BY PARTNER 12345 page 677 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.

4. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 23-1 WITHDRAWAL OF MERCHANDISE BY 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. 1 2 34 56

5. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 23-1 TERMS REVIEW partnership partner partnership agreement page 679