Jules and Johnson are partners, each with $36,100 in their partnership capital accounts. Kwon is admitted to the partnership by investing $36,100 cash. Prepare the entry to show Kwons admission to the partnership.

• Record the admission of Kwon with an investment of $36,100.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
1

2.

Prepare the journal entry to record Zende Companys issuance of 68,000 shares of $7 par value common stock assuming the shares sell for:

1. $7 cash per share.
2. $8 cash per share.

• Record the issuance of 68,000 shares of $7 par value common stock assuming the shares sell for $7 cash per share.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
a.

• Record the issuance of 68,000 shares of $7 par value common stock assuming the shares sell for $8 cash per share.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
b.