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In Pharoah Co., capital balances are Irey $36,400 and Pedigo $53,300. The partners share income equally. Vernon is admitted to the firm with a 48%

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In Pharoah Co., capital balances are Irey $36,400 and Pedigo $53,300. The partners share income equally. Vernon is admitted to the firm with a 48% interest by an investment of cash of $44,800. 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 Cash 44800 Trey. Capital Pedigo. Capital Vernon, Capital

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