Keri & Nick Consultings partners equity accounts reflected the following balances on August 31, 2023: Lee and

Question:

Keri & Nick Consulting’s partners’ equity accounts reflected the following balances on August 31, 2023:

Lee and Kalpakian share profit/losses in a 2:3 ratio, respectively. On September 1, 2023, Liam Court is admitted to the partnership with a cash investment of $105,000.

Required

Prepare the journal entry to record the admission of Liam under each of the following unrelated assumptions, where he is given:

a. A 30% interest in equity

b. A 20% interest in equity

c. A 50% interest in equity

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Step by Step Answer:

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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Question Posted: Jun 06, 2023 07:19 AM

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Keri & Nick Consultings partners equity accounts reflected the following balances on August 31, 2023: Lee and

Question:

Keri Lee, Capital....... Nick Kalpakian, Capital..... ......$ 50,000 ......... 195,000

Step by Step Answer:

a b 2023 Sept Sept Sept 1 Cash Liam Court Capital To record the admission ...View the full answer

Fundamental Accounting Principles Volume 2

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