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23 Nov 2019

S. Pagan and T. Tabor share income on a 7 : 3 basis. They have capital balances of $104,000 and $61,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Investment of $89,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Investment of $56,000 cash for a 30% ownership interest with a bonus to the new partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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Keith Leannon
Keith LeannonLv2
20 Aug 2019
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S. Pagan and T. Tabor share income on a 7 : 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership.

Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions.

Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners.

Investment of $49,000 cash for a 30% ownership interest with a bonus to the new partner.

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Date Account Titles and Explanation Debit Credit Sept. 1

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