Admitting New Partners Who Buy an Interest and Contribute Assets Instructions Chart of Accounts Journal Final Question Instructions The capital accounts of Tront Henry and Tim Chou have balances of $142,900 and $85,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnersho. Gilbert buys one-tinth of Henry's interest for $31.400 and one-tourth of Chou's interest for $20,200. Clarke contributes $74,500 cash to the partnership, tor which she is to receive an ownership equity of $74,500 Required: a. On December 31, foumalize the entries to record the admission of (1) Gilbert and (2) Clarke. Hefer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a journal page is used for debit or credit entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered What are the capital balances of each partner after the admission of the new partners? CHART OF ACCOUNTS Henry, Chou, Gilbert, and Clarke General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Office Supplies 118 Store Supplies 119 Prepaid Insurance 120 Land 123 Equipment 124 Accumulated Depreciation Equipment 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 531 Rent Expense 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 129 Asset Revaluations 133 Patent 133 Patent 535 Store Supplies Expense 536 Credit Card Expense LIABILITIES 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 710 Interest Expense EQUITY 310 Trent Henry, Capital 311 Trent Henry, Drawing 312 Tim Chou, Capital 313 Tim Chou, Drawing 314 LeAnne Gilbert, Capital 315 LeAnne Gilbert, Drawing 316 Becky Clarke, Capital 317 Becky Clarke, Drawing a. On December 31, journalize the entries to record the admission of (1) Gilbert and (2) Clarke. Refer to the chart of accounts for the exact wording of the accoun CHOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW Journals will automatically indent entry when a credit amount is entered. JOURNAL ACCOUNTING EQUAT DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES 1 2 2 5