Charles pays ($30,000 ) to Steven to acquire Stevens ($15,000 ) interest in a partnership The journal entry to record this transaction is Date a Charles, Capital Steven, Capital b Steven, Capital Charles, Capital C Steven, Capital Charles, Capital d Charles, Capital Accounts and Explanation Debit C...

The Answer is in the image, click to view ...

Charles pays ($30,000) to Steven to acquire Stevens ($15,000) interest in a partnership. The journal entry to

Question:

Charles pays $$30,000$ to Steven to acquire Steven’s $$15,000$ interest in a partnership.

The journal entry to record this transaction is

image text in transcribed

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Horngrens Accounting The Financial Chapters

ISBN: 9780137884858

14th Edition

Authors: Brenda Mattison, Tracie Miller-Nobles

See More Books

Question Posted: Apr 07, 2024 12:02 AM

See More Questions

Question 13 4 pts Which one of the following lists dividend events in the correct chronological order from earliest to latest? Declaration date, date of record, ex-dividend date Ex-dividend date,...
A popular blog reports that 65% of college students log in to Facebook on a daily basis. The Dean of Students at a certain university thinks that the proportion may be different at her university....
Dot - to dot pictures and coloringbooks are not creative art activities. Explain why they aren'tcreative and describe some art activities that you would consider creative.
Suppose that the weight of a typical American male follows a normal distribution with = 180 lb and = 30 lb. Also, suppose 91.92% of all American males weigh more than I weigh. a. What fraction of...
(a) Calculate the angular momentum of the Earth in its orbit around the Sun. (b) Compare this angular momentum with the angular momentum of Earth on its axis.
The figure shows the graph of ". Sketch a graph of . To print an enlarged copy of the graph, go to MathGraphs.com. 5432 1 - 1 y f" 1 2 3 4 5
4. Visit the GuideStar Web site and obtain the Form 990 for a local not-for-profit organization. a. Examine Part VIII of the 990 to determine gross receipts of the organization. b. Examine Part IX of...
Calculating Annuity Cash Flows If you put up $28,000 today in exchange for a 8.25 percent, 15- year annuity, what will the annual cash flow be?
Background info: Beer Ltd acquired 75% of the equity in Ltd. for $150 000 on 1 April 1999. Beer Ltd has provided you with the following general ledger account balances for the year ended 31 March...
Post - Combination Balance Sheet Presented below are the balance sheets of Allen Corporation and Benson Corporation, immediately prior to a business combination. The fair values of Benson s reported...
Barajas and Goodman admit Stein to their partnership, with Stein paying $70,000 more than the book value of Steins equity in the new business. Barajas and Goodman have no formal...
Partner withdrawals a. decrease partnership capital. b. increase partnership liabilities. c. decrease partnership net income. d. increase partnership capital.
The remorse that some buyers feel after making a major purchase is called _____________.
You will be creating a Performance Improvement Plan to address an employee in the attached case study (see below). This is a scenario you may encounter in your future HR profession, so this...
For this prompt, consider your academic goals, including (but not limited to) such topics as how you plan to manage your time to fit in your studies; how you will build your skills, as needed; how...
1. An introduction of you as a leader (whether or not you see yourself as a leader, whether or not you like being a leader, what kinds of leadership roles you have had, etc.). 2. Summarize your...
Briefly, describe the firm in terms of the following items. a. Size in terms of market capitalization, annual revenue, number of employees, location(s). b. Discuss the financial position of the firm....
HealthyLife (HL) is a publicly-traded company in the Food Manufacturing Industry. HealthyLife has been around since the 1970s, and is mainly focused on the production and wholesale of "organic and...
You measure the dependent variable of participants relaxation level as a function of whether they meditate before being tested, and whether they were shown a film containing a low, medium, or high...
Give the structural formulas of the alkenes that, on ozonolysis, give: a. (CH3)2C=O and CH2=O b. Only (CH3CH2)2C=O c. CH3CH=O and CH3CH2CH=O d. O=CHCH2CH2CH2CH=O
Fig 1. Rolling a 4 on a D4 A four sided die (D4), shaped like a pyramid (or tetrahedron), has 4 flat surfaces opposite four corner points. A number (1, 2, 3, or 4) appears close to the edge of each...
I just need help with question #4 please! Thank you! Windsor Manufacturing uses MRP to schedule its production. Below is the Bill of Material (BOM) for Product A. The quantity needed of the part...
(25) Suppose that we have an economy consisting of two farmers, Cornelius and Wheaton, who unsurprisingly farm corn c and wheat w, respectively. Assume that both farmers produce their crop of choice...

Charles pays ($30,000) to Steven to acquire Stevens ($15,000) interest in a partnership. The journal entry to

Question:

Date a. Charles, Capital Steven, Capital b. Steven, Capital Charles, Capital C. Steven, Capital Charles, Capital d. Charles, Capital Accounts and Explanation Debit Credit 15,000 15,000 15,000 15,000 30,000 30,000 30,000 30,000 Steven, Capital

Step by Step Answer:

Horngrens Accounting The Financial Chapters

Students also viewed these Business questions