Current Attempt in Progress 40 Crane Oil Imports is a partnership owned by Magda William and Giannis Brown. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $82,000 and $49,200, respectively. On that day, Magda and Giannis agree to admit lona Miller to the partnership in exchange for an investment of cash into the partnership. 13 Prepare the journal entry to record the admission of Miller on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 1. Miller invests $41,000 cash for a 30% ownership interest. This is an investment of assets. 2. Miller invests $73,800 cash for a 30% ownership interest. This is an investment of assets.. Credit Prt sc 20°C C Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Current Attempt in Progress
40
Crane Oil Imports is a
On January 1, 2024, they have capital balances of $82,000 and $49,200, respectively. On that day, Magda and Giannis agree to admit
lona Miller to the partnership in exchange for an investment of cash into the partnership.
13
Prepare the
(Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate
calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts)
1. Miller invests $41,000 cash for a 30% ownership interest. This is an investment of assets.
2. Miller invests $73,800 cash for a 30% ownership interest. This is an investment of assets..
Credit
Prt sc
20°C C
Note:-
- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
- Answer completely.
- You will get up vote for sure.
Step by step
Solved in 3 steps
