b. A 20% interest in equity Journal entry worksheet Record the admission of new partner. General Journal Sep 01, 2920 Debit
b. A 20% interest in equity Journal entry worksheet Record the admission of new partner. General Journal Sep 01, 2920 Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![b. A 20% interest in equity
View transaction list
Journal entry worksheet
<
Record the admission of new partner.
Note: Enter debits before credits
Date
General Journal
Sep 01, 2020
Recontentry
CA 50% interest in equity
Clear entry
Credit
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F446b8627-2b51-48f1-8aa2-a438a2f48a38%2F06f54b2f-0669-46c3-b40b-a88057f09f6a%2Fgdf58ne_processed.jpeg&w=3840&q=75)
Transcribed Image Text:b. A 20% interest in equity
View transaction list
Journal entry worksheet
<
Record the admission of new partner.
Note: Enter debits before credits
Date
General Journal
Sep 01, 2020
Recontentry
CA 50% interest in equity
Clear entry
Credit
View general journal
![Ker & Nick Consulting's partners equity accounts reflected the following balances on August 31, 2020:
$ 84,000
203,000
Lee and Kalpakan share profit/losses in a 23 ratio, respectively. On September 1, 2020, Liam Court is admitted to the partnership with
a cash investment of $123.000
Required
Prepare the journal entry to record the admission of Liam under each of the following unrelated assumptions, where he is given:
a. A 30% interest in equity
Vw transaction list
Journal entry worksheet
1
Record the admission of new partner
Date
Debit
Credit
Sep 01, 2020
View general j
General Journal
Clear entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F446b8627-2b51-48f1-8aa2-a438a2f48a38%2F06f54b2f-0669-46c3-b40b-a88057f09f6a%2Fk3g6ryo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Ker & Nick Consulting's partners equity accounts reflected the following balances on August 31, 2020:
$ 84,000
203,000
Lee and Kalpakan share profit/losses in a 23 ratio, respectively. On September 1, 2020, Liam Court is admitted to the partnership with
a cash investment of $123.000
Required
Prepare the journal entry to record the admission of Liam under each of the following unrelated assumptions, where he is given:
a. A 30% interest in equity
Vw transaction list
Journal entry worksheet
1
Record the admission of new partner
Date
Debit
Credit
Sep 01, 2020
View general j
General Journal
Clear entry
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