Accounting

LO4. How is the admission of a partner accounted for? LO6. How is the liquidation of a partnership accounted for? a) What are the two ways a partner can be admitted? a) List the steps to follow in liquating a partnership: i) i) b) Jones wants to join the partnership by contributing $20,000 to the partnership for $20,000 in capital. Journalize the entry for Jones admission. ii) iii) b) After selling the non-cash assets and paying off liabilities, the partners have the following capital c) Smith wants to join the partnership by giving Martin $20,000 cash for 1/2 of Martin's $40,000 in balances: capital. Journalize the entry for Smith joining the partnership. ThorpeBostonCox$10,000$14,000$17,000 Journalize the final distribution of cash to the partners. In MyLab Accounting, complete Try It! and S-F:12-6 through S-F:12-8. In MyLab Accounting, complete Try It! and S-F:12-11 and S12. LO5. How is the withdrawal of a partner accounted for? a) Baxter retires from the partnership and will receive cash for the $30,000 book value of her capital. Write the journal entry for Baxter's withdrawal from the business