1. Admitting New Partners Who Buy an Interest and Contribute Assets

   The capital accounts of Trent Henry and Tim Chou have balances of $134,500 and $96,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henrys interest for $30,900 and one-fourth of Chous interest for $21,300. Clarke contributes $32,800 cash to the partnership, for which she is to receive an ownership equity of $32,800.

   a1. Journalize the entry to record the admission of Gilbert. For a compound transaction, if an amount box does not require an entry, leave it blank.

   	Trent Henry, Drawing
   	Tim Chou, Capital
   	LeAnne Gilbert, Capital

   a2. Journalize the entry to record the admission of Clarke.

   	Cash
   	Becky Clarke, Capital

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

   Partner	Capital Balance
   Trent Henry	$
   Tim Chou	$
   LeAnne Gilbert	$
   Becky Clarke	$

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