Question
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
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 $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. 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 $7,200. If an amount box does not require an entry, leave it blank.
blank | CashGrayson Jackson, DrawingHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, DrawingCash | ||
Grayson Jackson, CapitalGrayson Jackson, DrawingHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, DrawingGrayson Jackson, Capital | |||
Grayson Jackson, DrawingHarry Barge, CapitalHarry Barge, DrawingLewan Gorman, CapitalLewan Gorman, DrawingHarry Barge, Capital | |||
CashGrayson Jackson, CapitalHarry Barge, CapitalLewan Gorman, CapitalLewan Gorman, DrawingLewan Gorman, Capital |
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