The Treed Partnership has total partners%u2019 equity of $580,000, which is made
ID: 2374130 • Letter: T
Question
The Treed Partnership has total partners%u2019 equity of $580,000, which is made up of Elm, Capital, $406,000, and Oak, Capital, $174,000. The partners share net income and loss in a ratio of 83% to Elm and 17% to Oak. On November 1, Ash is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss.
Assume Ash invests cash of $145,000. Prepare the journal entry to record the admission of Ash. (Omit the "$" sign in your response.)
Assume Ash invests cash of $180,000. Prepare the journal entry to record the admission of Ash. (Omit the "$" sign in your response.)
Assume Ash invests cash of $115,000. Prepare the journal entry to record the admission of Ash. (Omit the "$" sign in your response.)
The Treed Partnership has total partners%u2019 equity of $580,000, which is made up of Elm, Capital, $406,000, and Oak, Capital, $174,000. The partners share net income and loss in a ratio of 83% to Elm and 17% to Oak. On November 1, Ash is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss.
Explanation / Answer
Q1) Assume Ash invests cash of $145,000. Prepare the journal entry to record the admission of Ash. (Omit the "$" sign in your response.) Date General Journal Debit Credit Nov. 1 Cash 145000 Ash capital 145000 Q2) Assume Ash invests cash of $180,000. Prepare the journal entry to record the admission of Ash. (Omit the "$" sign in your response.) Date General Journal Debit Credit Nov. 1 Cash 180000 Ash capital 145000 Elm Capital 29050 Oak Capital 5950 Q3) Assume Ash invests cash of $115,000. Prepare the journal entry to record the admission of Ash. (Omit the "$" sign in your response.) Date General Journal Debit Credit Nov. 1 Cash 115000 Elm Capital 24900 Oak Capital 5100 Ash capital 145000
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.