Reference no: EM132626277

Problem 1: The following transactions are from the records of Campo-Stewan Co. Record these investments and withdrawals by the partners in a General Journal, and then post the appropriate entries to their respective Capital accounts and Drawings accounts.

20-Jan. 4 Peter Campo invested $17,500 cash and a computer system worth $8,500.

Jan. 4 Brian Stewan invested $4,000 cash, $6,200 in accounts receivable, and $12,000 in merchandise.

Feb. 10 Peter Campo withdrew $500 cash.

Feb. 20 Brian Stewan withdrew $400 cash and $250 of merchandise for his own use. (Ignore tax on merchandise.)

Apr. 16 Brian Stewan used $900 of company funds to pay personal expenses.

Jun. 21 Peter Campo invested an additional $12,000 cash. Brian Stewan withdrew $2,000 cash. (Record these as separate transactions.)

Jul. 4 Peter Campo gave his home utility bill to the bookkeeper and asked that it be paid with company funds, $150

Aug. 10 Brian Stewan invested $3,000 cash and a truck valued at $7,500.

Oct. 1 The two partners withdrew $1,000 each.