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In Oriole partnership, capital balances are Irey $32,800 and Pedigo $41,000. The partners share income equally. Vernon is admitted to the firm with a 45%
In Oriole partnership, capital balances are Irey $32,800 and Pedigo $41,000. The partners share income equally. Vernon is admitted to the firm with a 45% interest by an investment of cash of $47,560. Journalize the admission of Vernon. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Oct. 1 (To record purchase of interest.)
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