Admitting New Partner Who Contributes Assets

After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $93,000 and $158,000, respectively. Lewan Gorman is to be admitted to the partnership, contributing $62,000 cash to the partnership, for which he is to receive an ownership equity of $81,000. All partners share equally in income.

Question Content Area

a. Journalize the entry to record the admission of Gorman, who is to receive a bonus of $19,000. If an amount box does not require an entry, leave it blank.

blank	CashGrayson Jackson, DrawingHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, Drawing	- Select -	- Select -
	Grayson Jackson, CapitalGrayson Jackson, DrawingHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, Drawing	- Select -	- Select -
	Grayson Jackson, DrawingHarry Barge, CapitalHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, Drawing	- Select -	- Select -
	CashGrayson Jackson, CapitalHarry Barge, CapitalLewan Gorman, CapitalLewan Gorman, Drawing	- Select -	- Select -

Question Content Area

b. What are the capital balances of each partner after the admission of the new partner?

Partner	Balance
Grayson Jackson	$fill in the blank 5c23e7f9d050fff_1
Harry Barge	$fill in the blank 5c23e7f9d050fff_2
Lewan Gorman	$fill in the blank 5c23e7f9d050fff_3