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At April 30, partners' capital balances in DES Partners are Dexter $51,000, Emley $30,16 ratio is 5:3:2, respectively. On May 1, DESW Partners is formed by admitting Watson to t (a) Watson invests $27,250. Journalize the admission of Watson. (Credit account titles are a

At April 30, partners' capital balances in DES Partners are Dexter $51,000, Emley $30,16 ratio is 5:3:2, respectively. On May 1, DESW Partners is formed by admitting Watson to t (a) Watson invests $27,250. Journalize the admission of Watson. (Credit account titles are a

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At April 30, partners' capital balances in DES Partners are Dexter $51,000, Emley $30,160, and Singh $27,840. The profit-sharing ratio is 5:3:2, respectively. On May 1, DESW Partners is formed by admitting Watson to the firm as a partner with 20% equity. (a) Watson invests $27,250. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles May 1 eTextbook and Media Save for Later Debit Credit Attempts: 0 of 5 used Submit Answer
Transcribed Image Text:At April 30, partners' capital balances in DES Partners are Dexter $51,000, Emley $30,160, and Singh $27,840. The profit-sharing ratio is 5:3:2, respectively. On May 1, DESW Partners is formed by admitting Watson to the firm as a partner with 20% equity. (a) Watson invests $27,250. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles May 1 eTextbook and Media Save for Later Debit Credit Attempts: 0 of 5 used Submit Answer
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