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Cullumber Co. capital balances are: Barr $29,300. Croy $25,000, and Eubank $15,300. The partners share income equally. Tovar is admitted to the firm by purchasing
Cullumber Co. capital balances are: Barr $29,300. Croy $25,000, and Eubank $15,300. The partners share income equally. Tovar is admitted to the firm by purchasing one-half of Eubank's interest for $10,200. Journalize the admission of Tovar to the partnership. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit In Sheridan Co., capital balances are Irey $40,000 and Pedigo $56,600. The partners share income equally. Vernon is admitted to the firm with a 42% interest by an investment of cash of $40,300. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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