Question
K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $34,000, $26,000, and $21,000, respectively. Don Jernigan
K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $34,000, $26,000, and $21,000, respectively. Don Jernigan is admitted to the partnership by Purchase of 25% of Rynos equity for $12,000. The entry to record this admission includes a:
Select one: a. debit to C. Eidman, Capital 6500 b. credit to D. Jernigan, Capital 12000 c. debit to cash 12000 d. credit to D. Jernigan, Capital 5250
--------------- I do not want a detailed answer. I just want the final answer as soon as possible. Solve quickly I get you thumbs up directly Thank's Abdul-Rahim Taysir
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started