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Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $49,500. Prior to the investment, land was revalued to a market value of $189,200 from a book value of $116,400. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $52,400 prior to these transactions. Required: a. On December 31, provide the journal entry for the revaluation of land." b. On December 31, provide the journal entry to admit Thomas.* "Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $49,500. Prior to the investment, land was revalued to a market value of $189,200 from a book value of $116,400. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $52,400 prior to these transactions. Required: a. On December 31, provide the journal entry for the revaluation of land." b. On December 31, provide the journal entry to admit Thomas.* "Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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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Instructions Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $49,500. Prior to the investment, land was revalued to a market value of $189,200 from a book value of $116,400. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $52,400 prior to these transactions. Required: a. On December 31, provide the journal entry for the revaluation of land.* b. On December 31, provide the journal entry to admit Thomas.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Transcribed Image Text:Instructions Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $49,500. Prior to the investment, land was revalued to a market value of $189,200 from a book value of $116,400. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $52,400 prior to these transactions. Required: a. On December 31, provide the journal entry for the revaluation of land.* b. On December 31, provide the journal entry to admit Thomas.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Journal Shaded cells have feedback. A. On December 31, provide the journal entry for the revaluation of land.* B. On December 31, provide the journal entry to admit Thomas.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW jourmals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 11 JOURNAL ACCOUNTING FOUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 4 5
Transcribed Image Text:Journal Shaded cells have feedback. A. On December 31, provide the journal entry for the revaluation of land.* B. On December 31, provide the journal entry to admit Thomas.* *Refer to the chart of accounts for the exact wording of the account titles. CNOW jourmals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 11 JOURNAL ACCOUNTING FOUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 4 5
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