Keri & Nick Consulting’s partners’ equity accounts reflected the following balances on August 31, 2017:

Lee and Kalpakian share profit/losses in a 2:3 ratio respectively. On September 1, 2017, 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

Transcribed Image Text:

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