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Dexter Thomas and Hermon Wolker, attomeys, operote o low proctice. They would ike to expand the expertise of their firm, in anticipetion of this, they
Dexter Thomas and Hermon Wolker, attomeys, operote o low proctice. They would ike to expand the expertise of their firm, in anticipetion of this, they hove ogreed to odmit Jeweil Lorenzo to the partnership on January 1,20X1. The copital occount bolances on Pequired: Prepare the entries in general journal form to record the sdmission of Lonenzo to the partnership on Januory 1, 20X1, under eoch of the following independent conditions: 1. Thomen sells one-half of his interest in the portnership to Lorenzo for $120,000 cash 2 Thomos sells one-holf or his interest in the portnership to Lorenzo for $76,000cosh 3. Lorenzo invents $112,000 in the business for o 25 percent interest in the portnership. 4. Lorenzo invests $116,000 in the business for 830 percent interest in the portnenhip Analyre: Assume that Lorenzo invest $112000 in the business for o 25 percent intereat in the porthership. What percentage of total equity does ench pertner own? Compiete this question by entering your answer in the tabs below. Dexter Thomas and Heman Wolker, ottomeys, operove o low proctice. They would like to expand the expertise of their firm, in Bequilred: Prepore the entries in pented joumel fom to record the odmission of Lorenzo to the parthership on January 1,20x1, under each of the following independert condition: 1. Thomes sells one holf of his insereat in the partnernhip to Lorenzo for $20,000 cosh. 2. Thomos sells one-helf of his interest in the partnership to Lorenzo for $76,000 cosh. 3. Lorenzo imvests $112000 in the business for a 25 petcent interest in the pernerthip 4. Corcerzo imvests 545,000 in the business for 8.30 percent interest in the porthatship Analyze: Assume thet Lorento invens $112000 in the business for a 25 petcent interest in the porthership what persentege of totor equiy does exth partrier ownt? Complete thas autation try entering rour antwer in the tabs belowe. Dexter Thomos and Herman Wolker, attomeys, operate o low practice. They would like to expond the expertise of their firm. in anticipasion of this, they have ogreed to odimit Jewell Lorenzo to the portnership on Janusry 1,201. The copital account bolonces on Jonuory 1, 20X1, after revaluation of assets, are Thomos, \$172,000, and Walker, $132,000. Net income or net loss is shored equaly. Required: Prepore the entries in generol journol form to record the admission of Lorenzo to the portnership on January 1,20xt under esch of the following independent conditions: 1. Thomas sells one-holf of his interest in the portnership to Lorenzo for $120,000cosh 2. Thomos sells one-holf of his interest in the portnership to Lorenzo for $76,000cosh. 3. Lorenzo invests $112,000 in the business for 0.25 percent interest in the portnership. 4. Lorenzo invests $116,000 in the business for 030 percent interest in the portnership. Analyze: Asume tho: Lorenzo invests $112,000 in the business for a 25 percent interest in the pornership. What percentoge of tosal equity does each portner own? Complete this question ty entering your answer in the tabs below. Dexter Thomos and Hermon Walker, attomeys, operate o low practice. They would like to expand the expertise of their firm anticipstion of this, they hove ogreed to odmit Jewell Lorenzo to the portnership on Jonuory 1, 20X1. The capital occount bo Jonuory 1.20X1, ofter revaluation of assets, ore Thomas, \$172,000, ond Walker, \$132,000, Net income or net loss is shared Required: Prepore the entries in general journal form to record the odmission of Lorenzo to the pormership on Jonuory 1,20xt, under following independent conditions: 1. Thomos sells one-holf of his interest in the portnership to Lorenzo for $120,000 cosh. 2. Thomes selis one holf of his interest in the portnership to Lorenzo for $76,000 cosh. 3. Lorenzo invests $112,000 in the business for o 25 percent interest in the portnership 4. Lorenzo invests $116.000 in the business for 0.30 percent interest in the portnership. Analyze: Assume thot Lorenzo invests $112000 in the business for o 25 percent interest in the pormerahip. What percentsge of total does eoch portner own? Complete this question by entering your answer in the tabs below. Journal entry worksheet Dexter Thomas and Hermon Wolker, ottomeys, operote o low proctice. They would like to expond the expertise of their firm. In anticipotion of this, they have ogreed to odmit Jewell Lorenzo to the portnership on January 1, 20X1. The copital account balances on Jonuary 1, 20X1, ofter revaluotion of assets, ore Thomos, $172,000, ond Wolker. $132,000. Net income or net loss is shored equally. Required: Prepore the entries in generol journal form to record the odmission of Lorenzo to the porthership on January 1, 20X1, under each of the following independent conditions: 1. Thomas sells one-half of his interest in the portnership to Lorenzo for $120,000cash. 2. Thomos sells one-half of his interest in the portnership to Lorenzo for $76,000cosh. 3. Lorenzo invests $112000 in the business for o 25 percent interest in the portnership. 4. Lorenzo invests $116.000 in the business for 030 percent interest in the portnership. Analyze: Assume thot Lorenzo invests $112,000 in the business for a 25 percent interest in the parnership. What percentage of total equity does eoch portner own? Complete this question by entering your answer in the tabs below. Journal entry worksheet 16 Gorenav bivests $18,000 in one businas for a 30 percent interest in the Dexter Thomas and Hermon Wolker, ottomeys, operote o low practice. They would like to expond the expertise of their firm. in onticipation of this, they hove ogreed to admit Jewell Lorenzo to the partnership on Jonuory , 20xi The copital account balances on Jonuary 1, 20X1, after revaluation of assets, ore Thomos, $172,000, ond Wolker, $132,000. Net income or net loss is shared equally. Required: Prepore the entries in general journol form to record the odmission of Lorenzo to the ponthership on fonvory 1, 20 t, under eoch of the following independent conditions: 1. Thomos sells one-holf of his interest in the partnership to Lorenzo for $120,000 cosh. 2. Thomos selis one holf of his interest in the pormership to Lorenzo for $76,000cosh. 3. Lorenzo invests $112,000 in the business for o 25 percent interest in the porthership. 4. Lorenzo invests $116,000 in the business for o 30 percent interest in the portnership. Analyze: Assume thot Lorenzo invests $112000 in the businesa for a 25 percent interest in the portnership Whot percentoge of total equity does eoch partner own? Complete this question by entering your nnswer in the tabs below. Journal entry worksheet. c. 1 (3) 4 . Assume that Lorenzo invests $112,000 in the business for a 25 percent interest in the parthership. What percentage of total
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