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In Sandhill Co., capital balances are Irey $39,300 and Pedigo $56,900. The partners share income equally. Vernon is admitted to the firm with a 44% interest by an investment of cash of $41,000. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

In Sandhill Co., capital balances are Irey $39,300 and Pedigo $56,900. The partners share income equally. Vernon is admitted to the firm with a 44% interest by an investment of cash of $41,000. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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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In Sandhill Co., capital balances are Irey $39,300 and Pedigo $56,900. The partners share income equally. Vernon is admitted to the firm with a 44% interest by an investment of cash of $41,000. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Transcribed Image Text:In Sandhill Co., capital balances are Irey $39,300 and Pedigo $56,900. The partners share income equally. Vernon is admitted to the firm with a 44% interest by an investment of cash of $41,000. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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