The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital, $114,000. The partners share net income and loss in a ratio of 74% to Main and 26% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss under independent assumption. (1) Record the admission of Adison with an investment of $95,000 for a 20% interest in the equity and a 20% share in any income and loss. (2) Record the admission of Adison with an investment of $130,000 for a 20% interest in the equity and a 20% share in any income and loss. (3) Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and loss. View transaction list Journal entry worksheet < A B C Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. Transaction (3) General Journal Debit Credit >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital,
$114,000. The partners share net income and loss in a ratio of 74% to Main and 26% to Frist. On November 1, Adison is admitted to the
partnership and given a 20% interest in equity and a 20% share in any income and loss.
Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss
under independent assumption.
(1) Record the admission of Adison with an investment of $95,000 for a 20% interest in the equity and a 20% share in any income and
loss.
(2) Record the admission of Adison with an investment of $130,000 for a 20% interest in the equity and a 20% share in any income and
loss.
(3) Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and
loss.
View transaction list
Journal entry worksheet
<
A
B
Record the admission of Adison with an investment of $65,000 for a 20%
interest in the equity and a 20% share in any income and loss.
Transaction
(3)
с
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital, $114,000. The partners share net income and loss in a ratio of 74% to Main and 26% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss under independent assumption. (1) Record the admission of Adison with an investment of $95,000 for a 20% interest in the equity and a 20% share in any income and loss. (2) Record the admission of Adison with an investment of $130,000 for a 20% interest in the equity and a 20% share in any income and loss. (3) Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and loss. View transaction list Journal entry worksheet < A B Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and loss. Transaction (3) с Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital,
$114,000. The partners share net income and loss in a ratio of 74% to Main and 26% to Frist. On November 1, Adison is admitted to the
partnership and given a 20% interest in equity and a 20% share in any income and loss.
Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss
under independent assumption.
(1) Record the admission of Adison with an investment of $95,000 for a 20% interest in the equity and a 20% share in any income and
loss.
(2) Record the admission of Adison with an investment of $130,000 for a 20% interest in the equity and a 20% share in any income and
loss.
(3) Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and
loss.
View transaction list
Journal entry worksheet
A в с
Record the admission of Adison with an investment of $95,000 for a 20%
interest in the equity and a 20% share in any income and loss.
Note: Enter debits before credits.
Transaction
(1)
Record entry
Show Transcribed Text
General Journal
Clear entry
View transaction list
Debit
C
Ĵ
Journal entry worksheet
<A B
Credit
The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital,
$114,000. The partners share net income and loss in a ratio of 74% to Main and 26% to Frist. On November 1, Adison admitted to the
partnership and given a 20% interest in equity and a 20% share in any income and loss.
View general journal
Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss
under independent assumption.
(1) Record the admission of Adison with an investment of $95,000 for a 20% interest in the equity and a 20% share in any income and
loss.
(2) Record the admission of Adison with an investment of $130,000 for a 20% interest in the equity and a 20% share in any income and
loss.
(3) Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and
loss.
>
Record the admission of Adison with an investment of $130,000 for a 20%
interest in the equity and a 20% share in any income and loss.
>
Transcribed Image Text:The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital, $114,000. The partners share net income and loss in a ratio of 74% to Main and 26% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss under independent assumption. (1) Record the admission of Adison with an investment of $95,000 for a 20% interest in the equity and a 20% share in any income and loss. (2) Record the admission of Adison with an investment of $130,000 for a 20% interest in the equity and a 20% share in any income and loss. (3) Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and loss. View transaction list Journal entry worksheet A в с Record the admission of Adison with an investment of $95,000 for a 20% interest in the equity and a 20% share in any income and loss. Note: Enter debits before credits. Transaction (1) Record entry Show Transcribed Text General Journal Clear entry View transaction list Debit C Ĵ Journal entry worksheet <A B Credit The Struter Partnership has total partners' equity of $380,000, which is made up of Main, Capital, $266,000, and Frist, Capital, $114,000. The partners share net income and loss in a ratio of 74% to Main and 26% to Frist. On November 1, Adison admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. View general journal Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss under independent assumption. (1) Record the admission of Adison with an investment of $95,000 for a 20% interest in the equity and a 20% share in any income and loss. (2) Record the admission of Adison with an investment of $130,000 for a 20% interest in the equity and a 20% share in any income and loss. (3) Record the admission of Adison with an investment of $65,000 for a 20% interest in the equity and a 20% share in any income and loss. > Record the admission of Adison with an investment of $130,000 for a 20% interest in the equity and a 20% share in any income and loss. >
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