K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $ 31,400, $ 2P,400, and $ 24,000, respectively, when Don Jernigan is admitted to the partnership. Prepare the journal entry to record the admission of Don Jernigan under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. Don Jernigan purchases of 50% of Kolmer's equity for $ 18,300. b. Don Jernigan purchases of 50% of Eidman's equity for $7,400. C. Don Jernigan purchases of 33/3% of Ryno's equity for $ 12,000.
K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $ 31,400, $ 2P,400, and $ 24,000, respectively, when Don Jernigan is admitted to the partnership. Prepare the journal entry to record the admission of Don Jernigan under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. Don Jernigan purchases of 50% of Kolmer's equity for $ 18,300. b. Don Jernigan purchases of 50% of Eidman's equity for $7,400. C. Don Jernigan purchases of 33/3% of Ryno's equity for $ 12,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer both questions completely and correctly.
Transcribed Image Text:K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $ 31,400, $ 29,400, and $ 24,000,
respectively, when Don Jernigan is admitted to the partnership.
Prepare the journal entry to record the admission of Don Jernigan under each of the following assumptions. (Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
a.
Don Jernigan purchases of 50% of Kolmer's equity for $ 18,300.
b.
Don Jernigan purchases of 50% of Eidman's equity for $7,400.
C.
Don Jernigan purchases of 33/3% of Ryno's equity for $ 12,000.
Account Titles and Explanation
Debit
Credit
a.
b.
С.
Transcribed Image Text:Suzy Vopat has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and
become a partner in the firm of Vopat and Sigma. Vopat's investment in the partnership consists of $ 11,300 in cash, and the following
assets of the proprietorship: accounts receivable $ 14,000 less allowance for doubtful accounts of $2,000, and equipment $
19,900 less accumulated depreciation of $3,700. It is agreed that the allowance for doubtful accounts should be $3,000 for the
partnership. The fair value of the equipment is $ 12,500.
Journalize Vopat's admission to the firm of Vopat and Sigma. (Credit account titles are automatically indented when amount is entered. Do
not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Jan. 1
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