Peter has $45,000 capital and Falon has $20,000 capital in the Peter & Falon partnership. Peter and Falon share profits and losses equally. Roland Redmond contributes cash of $36,000 to acquire a 30% interest in the new partnership. Journalize the partnership's receipt of the $36,000 from Redmond. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

The blank lines________ under debit and credit are to be the computed values

The blank lines________ under accounts and explanation are to be chosen from the following asnwers: Cash

Falon, capital

Falon,withdrawals

Peter, capital

Peter, withdrawals

Redmond, capital

Redomnd, withdrawals

The last blank line under accounts and explanation is to be chosen from one of the following correct explanations:

Partner withdrawals of cash

to record redmonds contribution and bonus to existing partners

to record withdrawal of redmond from thr partnership

to transfer peter and falon's capital to redmond

Date

Accounts and Explanation

Debit

Credit

__________________________________________ _________ _________

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