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Mike and Sandra own a partnership and decide to admit Jason as a new partner on June 1, 2023. Mike currently has a capital balance of $157,200 and Sandra has a capital balance of $220.080. Jason will invest $467.700 into the partnership and will receive a $514.470 share of the business book value. Mike and Sandra will split any difference equally. Do not enter dollar signs or commas in the input boxes Use the negative sign for values that must be subtracted. Enter the debit accounts in alphabetical order. a) Calculate the new capital balance for each partner after Jason has been added to the partnership. Capital balance before admission Admission of new partner Capital balance after admission b) Prepare the journal entry to record the admission of the new partner. Date Account Title and Explanation Debit Jun 1 Admit new partner • ● Mike • 0 Sandra Credit Jason Total

Mike and Sandra own a partnership and decide to admit Jason as a new partner on June 1, 2023. Mike currently has a capital balance of $157,200 and Sandra has a capital balance of $220.080. Jason will invest $467.700 into the partnership and will receive a $514.470 share of the business book value. Mike and Sandra will split any difference equally. Do not enter dollar signs or commas in the input boxes Use the negative sign for values that must be subtracted. Enter the debit accounts in alphabetical order. a) Calculate the new capital balance for each partner after Jason has been added to the partnership. Capital balance before admission Admission of new partner Capital balance after admission b) Prepare the journal entry to record the admission of the new partner. Date Account Title and Explanation Debit Jun 1 Admit new partner • ● Mike • 0 Sandra Credit Jason Total

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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Mike and Sandra own a partnership and decide to admit Jason as a new partner on June 1, 2023. Mike currently has a capital balance of $157,200 and Sandra has a capital balance of $220,080. Jason will invest $467.700 into the partnership and will receive a $514,470 share of the business book value. Mike and Sandra will split any difference equally. Do not enter dollar signs or commas in the input boxes. Use the negative sign for values that must be subtracted. Enter the debit accounts in alphabetical order. a) Calculate the new capital balance for each partner after Jason has been added to the partnership. Capital balance before admission Admission of new partner Capital balance after admission b) Prepare the journal entry to record the admission of the new partner. Date Account Title and Explanation Debit Jun 1 Admit new partner + Mike ● • Sandra Credit Jason Total
Transcribed Image Text:Mike and Sandra own a partnership and decide to admit Jason as a new partner on June 1, 2023. Mike currently has a capital balance of $157,200 and Sandra has a capital balance of $220,080. Jason will invest $467.700 into the partnership and will receive a $514,470 share of the business book value. Mike and Sandra will split any difference equally. Do not enter dollar signs or commas in the input boxes. Use the negative sign for values that must be subtracted. Enter the debit accounts in alphabetical order. a) Calculate the new capital balance for each partner after Jason has been added to the partnership. Capital balance before admission Admission of new partner Capital balance after admission b) Prepare the journal entry to record the admission of the new partner. Date Account Title and Explanation Debit Jun 1 Admit new partner + Mike ● • Sandra Credit Jason Total
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