View History Bookmarks Profiles Tab Window Help zoom Netflix oriwaa - help with F X iConnect - Home Content M Question 5- Chapter 12 & 13 X o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducati... 13 Assignment i Saved The Struter Partnership has total partners' equity of $520,000, which is made up of Main, Capital, $364,000, and Frist, Capital, $156,000. The partners share net income and loss in a ratio of 84% to Main and 16% 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 $130,000 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 $165,000 for a 20% interest in the equity and a 20% share in any income and (3) Record the admission of Adison with an investment of $100,000 for a 20% interest in the equity and a 20% share in any income and loss. Joss. View transaction list View journal entry worksheet No A Transaction (1) Cash Adison, Capital B (2) Cash C Main, Capital Frist, Capital Adison, Capital (3) Cash 12.428 ← -> C General Journal JUL 11 Debit Credit 130,000 165,000 100,000 < Prev 5 of 9 Next > G Search or type URL tv 130,000 137,000 a A
View History Bookmarks Profiles Tab Window Help zoom Netflix oriwaa - help with F X iConnect - Home Content M Question 5- Chapter 12 & 13 X o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducati... 13 Assignment i Saved The Struter Partnership has total partners' equity of $520,000, which is made up of Main, Capital, $364,000, and Frist, Capital, $156,000. The partners share net income and loss in a ratio of 84% to Main and 16% 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 $130,000 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 $165,000 for a 20% interest in the equity and a 20% share in any income and (3) Record the admission of Adison with an investment of $100,000 for a 20% interest in the equity and a 20% share in any income and loss. Joss. View transaction list View journal entry worksheet No A Transaction (1) Cash Adison, Capital B (2) Cash C Main, Capital Frist, Capital Adison, Capital (3) Cash 12.428 ← -> C General Journal JUL 11 Debit Credit 130,000 165,000 100,000 < Prev 5 of 9 Next > G Search or type URL tv 130,000 137,000 a A
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:View
History Bookmarks Profiles
Tab Window Help
zoom
Netflix
oriwaa - help with F X
iConnect - Home
Content
M Question 5- Chapter 12 & 13
X
o.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducati...
13 Assignment i
Saved
The Struter Partnership has total partners' equity of $520,000, which is made up of Main, Capital, $364,000, and Frist, Capital,
$156,000. The partners share net income and loss in a ratio of 84% to Main and 16% 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 $130,000 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 $165,000 for a 20% interest in the equity and a 20% share in any income and
(3) Record the admission of Adison with an investment of $100,000 for a 20% interest in the equity and a 20% share in any income and
loss.
Joss.
View transaction list View journal entry worksheet
No
A
Transaction
(1)
Cash
Adison, Capital
B
(2)
Cash
C
Main, Capital
Frist, Capital
Adison, Capital
(3)
Cash
12.428
←
->
C
General Journal
JUL
11
Debit
Credit
130,000
165,000
100,000
< Prev
5 of 9
Next >
G Search or type URL
tv
130,000
137,000
a
A
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education