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It says my answer is incomplete. Please send back with same table so it's easy to follow. Thanks! Required information Problem 12-5A Partner withdrawal and
It says my answer is incomplete. Please send back with same table so it's easy to follow. Thanks!
Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio. The partnership's capital balances are as follows: Meir, $78,000; Benson, $119,000; and Lau, $203,000. Benson decides to withdraw from the partnership, and the partners agree not to have the assets revalued upon Benson's retirement. Problem 12-5A Part 2 Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each of the following separate assumptions: Rhode invests (a) $133,333; (b) $97,333; and (c) $174,666. (Do not round your intermediate calculations.) Journal entry worksheet Record the admission of Rhode with an investment of $133,333 for a 25% interest in the equity. Note: Enter debits before credits. Transaction Credit General Journal Cash Rhode, Capital Debit 133,333 (a) 133,333 Record entry Clear entry View general journal Journal entry worksheet Record the admission of Rhode with an investment of $97,333 for a 25% interest in the equity. Note: Enter debits before credits. Credit Transaction (b) General Journal Meir, Capital Benson, Capital Lau, Capital Cash Debit 5,400 8,100 13,500 124,333 Record entry Clear entry View general journal Journal entry worksheet Record the admission of Rhode with an investment of $174,666 for a 25% interest in the equity. Note: Enter debits before credits. Debit Credit Transaction (c) 174,666 General Journal Cash Meir, Capital Benson, Capital Lau, Capital Rhode, Capital 8,200 9,300 15,500 143,666 Record entry Clear entry View general journalStep by Step Solution
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