Check my work Required information [The following information applies to the que

Question

Check my work Required information [The following information applies to the questions displayed below.] Part 2 of 2 1.9 points Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership's capital balances are as follows: Meir, $118,000; Benson, $79,000; and Lau, $203,000. Benson decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement. eBook Print References Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhodes entry into the partnership under each of the following separate assumptions: Rhode invests a $133 333; b) $97 333, and c) $174,666 Do not round your intermediate calculations. View transaction list Journal entry worksheet 2 3 Record the admission of Rhode with an investment of $133,333 for a 25%

Explanation / Answer

Journal enntries: Case-a: Benson Capital Account Dr. 79000     North Capital Account 79000 Case-b: Benson Capital Account Dr. 79000       Schmidt Capital Account 79000 Case-c: Benson Capital Account Dr. 79000        Cash account 79000 Case-d: Benson Capital Account Dr. 79000 Meir capital Account Dr. (38000*3/8) 14250 Lau capital Account Dr. (38000/8*5) 23750      Cash account 117000 Case-e: Benson Capital Account Dr. 79000 Accumulated dep Acount Dr. 11600      Equipment Account 33000      Cassh account 13000      Meir Capital account (44600*3/8) 16725      Lau Capital Account (44600*5/8) 27875

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