iPad 7:09 PM v2.cengagenow.com Jackson C... Chapter 1... Cengag... fafsa.ed.g...

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iPad 7:09 PM v2.cengagenow.com Jackson C... Chapter 1... Cengag... fafsa.ed.g... FSA ID FSA ID es.. Chapter 12 Accounting for Partnership: Admitting New Partners Who Buy an Interest and Contribute Assets The capital accounts of Trent Henry and Tim Chou have balances of $143,500 and $103,200, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $33,000 and one-fourth of Chou's interest for $22,700. Clarke contributes $35,000 cash to the partnership, for which she is to receive an ownership equity of $35,000. ai. 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. rent Henry, capital v Tim Chou, Capital - [ LeAnne Gilbert, Capital . Check My Work

Explanation / Answer

Ddebit Credit Trent Henry, Capital 28,700 Tim Chou, Capital 25,800 LeAnne Gilbert, Capital 54,500 (143500/5; 103200/4) Cash 35,000 Becky Clarke, Capital 35,000

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