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Pharoah Oil Imports is a partnership owned by Magda Miller and Giannis Moore. The partners share profit on a 3:2 basis, respective On January 1, 2024, they have capital balances of $90,000 and $54,000, respectively. On that day, Magda and Giannis agree to adm lona Andern to the partnership in exchange for an investment of cash into the partnership. Prepare the journal entry to record the admission of Andern on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. Andern invests $45,000 cash for a 30% ownership interest. This is an investment of assets. 2. Andern invests $81,000 cash for a 30% ownership interest. This is an investment of assets. Date Account Titles (1) Jan. 1 Debit Credit

Pharoah Oil Imports is a partnership owned by Magda Miller and Giannis Moore. The partners share profit on a 3:2 basis, respective On January 1, 2024, they have capital balances of $90,000 and $54,000, respectively. On that day, Magda and Giannis agree to adm lona Andern to the partnership in exchange for an investment of cash into the partnership. Prepare the journal entry to record the admission of Andern on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. Andern invests $45,000 cash for a 30% ownership interest. This is an investment of assets. 2. Andern invests $81,000 cash for a 30% ownership interest. This is an investment of assets. Date Account Titles (1) Jan. 1 Debit Credit

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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Pharoah Oil Imports is a partnership owned by Magda Miller and Giannis Moore. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $90,000 and $54,000, respectively. On that day, Magda and Giannis agree to admit lona Andern to the partnership in exchange for an investment of cash into the partnership. Prepare the journal entry to record the admission of Andern on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. 2. Andern invests $45,000 cash for a 30% ownership interest. This is an investment of assets. Andern invests $81,000 cash for a 30% ownership interest. This is an investment of assets. Date Account Titles (1) Jan. 1 (2) Jan. 1 Debit Credit
Transcribed Image Text:Pharoah Oil Imports is a partnership owned by Magda Miller and Giannis Moore. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $90,000 and $54,000, respectively. On that day, Magda and Giannis agree to admit lona Andern to the partnership in exchange for an investment of cash into the partnership. Prepare the journal entry to record the admission of Andern on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. 2. Andern invests $45,000 cash for a 30% ownership interest. This is an investment of assets. Andern invests $81,000 cash for a 30% ownership interest. This is an investment of assets. Date Account Titles (1) Jan. 1 (2) Jan. 1 Debit Credit
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