Question
Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $93,000 and $39,000, respectively.
Admitting New Partners
Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $93,000 and $39,000, respectively. Etter, with the consent of Santori, sells one-third of her interest to Lonnie Davis.
Question Content Area
a. What entry is required by the partnership if the sales price is $30,000?
| blank | Crystal Santori, CapitalCashLonnie Davis, CapitalMyles Etter, CapitalMyles Etter, Drawing | - Select - | |
| Crystal Santori, CapitalCashLonnie Davis, CapitalLonnie Davis, DrawingMyles Etter, Capital | - Select - |
Question Content Area
b. What entry is required by the partnership if the sales price is $40,000?
| blank | Crystal Santori, CapitalCashLonnie Davis, CapitalMyles Etter, CapitalMyles Etter, Drawing | - Select - | |
| Crystal Santori, CapitalLonnie Davis, CapitalLonnie Davis, DrawingMyles Etter, CapitalMyles Etter, Drawing | - Select - |
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Cornerstones of Financial and Managerial Accounting
Authors: Rich Jones, Mowen, Hansen, Heitger
1st Edition
9780538751292, 324787359, 538751290, 978-0324787351
