Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Question

Question

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets

The capital accounts of Trent Henry and Tim Chou have balances of $134,500 and $96,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $30,900 and one-fourth of Chou’s interest for $21,300. Clarke contributes $32,800 cash to the partnership, for which she is to receive an ownership equity of $32,800.

a1. Journalize the entry to record the admission of Gilbert. For a compound transaction, if an amount box does not require an entry, leave it blank.

Trent Henry, Drawing

Tim Chou, Capital

LeAnne Gilbert, Capital

a2. Journalize the entry to record the admission of Clarke.

Cash

Becky Clarke, Capital

b. What are the capital balances of each partner after the admission of the new partners?

Partner Capital Balance

Trent Henry $

Tim Chou $

LeAnne Gilbert $

Becky Clarke $

Check My Work2 more Check My Work uses remaining.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

a1
Trent Henry, Capital	26900		=134500*1/5
Tim Chou, Capital	24200		=96800*1/4
LeAnne Gilbert, Capital		51100

a2
Cash	32800
Becky Clarke, Capital		32800

b
	Capital Balance
Trent Henry	107600		=134500-26900
Tim Chou	72600		=96800-24200
LeAnne Gilbert	51100
Becky Clarke	32800

Add a comment

Answer 2

Similar Homework Help Questions

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $139,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $32,000 and one-fourth of Chou’s interest for $22,000. Clarke contributes $33,900 cash to the partnership, for which she is to receive an ownership equity of $33,900. a1. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $163,000 and $117,200, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $37,500 and one-fourth of Chou’s interest for $25,800. Clarke contributes $39,800 cash to the partnership, for which she is to receive an ownership equity of $39,800. a1. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $177,000 and $127,600, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $40,700 and one-fourth of Chou’s interest for $28,100. Clarke contributes $43,200 cash to the partnership, for which she is to receive an ownership equity of $43,200. a1. Journalize the entry to record the admission of...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $145,500 and $104,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $33,500 and one-fourth of Chou's interest for $23,100. Clarke contributes $35,500 cash to the partnership, for which she is to receive an ownership equity of $35,500. al. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $188,500 and $135,600, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $43,400 and one-fourth of Chou's interest for $29,800. Clarke contributes $46,000 cash to the partnership, for which she is to receive an ownership equity of $46,000. al. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $170,500 and $122,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $39,200 and one-fourth of Chou's interest for $27,000. Clarke contributes $41,600 cash to the partnership, for which she is to receive an ownership equity of $41,600. al. Journalize the entry to record the admission of...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $138,000 and $99,200, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $31,700 and one-fourth of Chou's interest for $21,800. Clarke contributes $33,700 cash to the partnership, for which she is to receive an ownership equity of $33,700. al. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $177,000 and $127,600, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $40,700 and one-fourth of Chou’s interest for $28,100. Clarke contributes $43,200 cash to the partnership, for which she is to receive an ownership equity of $43,200. a1. Journalize the entry to record the admission of...
Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $178,500 and $128,400, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $41,100 and one-fourth of Chou’s interest for $28,200. Clarke contributes $43,600 cash to the partnership, for which she is to receive an ownership equity of $43,600. a1. Journalize the entry to record the admission of...

Admitting New Partners who buy an Interest and Contributes The capital accounts of Trent Henry and...

Admitting New Partners who buy an Interest and Contributes The capital accounts of Trent Henry and Tim Chou have balances of $122.500 and $3,400, respectively. Lenn e rt and Becky Clarke are to be admitted to the partnership olbert buys one-Enth of Henry's interest for $28.200 and one fourth of Chou's interest for $19.400. Clarke contributes 129.900 cash to the partnership for which she is to receive an ownership equity of $29.900 al. Joumalize the entry to record the admission...

Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry...

Homework Answers