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E12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane 30,000. The partners share income equally. On October 1 of the current year, when she invests 45,000 cash, J. Kerns is admitted to the partnership with a 45% interest. (a) Journalize the admis- On of Kerns on October 1. (b) What would the journal entry be if Kerns had paid $70,000 for a 45% terest in the partnership?

E12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane 30,000. The partners share income equally. On October 1 of the current year, when she invests 45,000 cash, J. Kerns is admitted to the partnership with a 45% interest. (a) Journalize the admis- On of Kerns on October 1. (b) What would the journal entry be if Kerns had paid $70,000 for a 45% terest in the partnership?

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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BE12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane R $30,000. The partners share income equally. On October 1 of the current year, when she invests $45,000 cash, J. Kerns is admitted to the partnership with a 45% interest. (a) Journalize the admis- sion of Kerns on October 1. (b) What would the journal entry be if Kerns had paid $70,000 for a 45% (S interest in the partnership?
Transcribed Image Text:BE12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane R $30,000. The partners share income equally. On October 1 of the current year, when she invests $45,000 cash, J. Kerns is admitted to the partnership with a 45% interest. (a) Journalize the admis- sion of Kerns on October 1. (b) What would the journal entry be if Kerns had paid $70,000 for a 45% (S interest in the partnership?
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