Hitchcock, Michelson, and Jasper, a partnership, is considering admitting Ken Saunders as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:

Requirements
Journalize the admission of Saunders as a partner on July 31 for each of the following independent situations:
1. Saunders pays Jasper $132,000 cash to purchase Jasper€™s interest.
2. Saunders invests $66,000 in the partnership, acquiring a 1/4 interest in the business.
3. Saunders invests $66,000 in the partnership, acquiring a 1/6 interest in the business.
4. Saunders invests $66,000 in the partnership, acquiring a 1/3 interest in thebusiness.

Transcribed Image Text:

Capital Hitchcock33,000 Michelson.... Jasper. Profit-and-Loss % 20% 25% 55% 99,000