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All ONE question!

At April 30 of the current year, partners capital balances and the profit- and loss-sharing ratio in Flint Enterprises are as follows:

Partner		Capital Balance				Profit and Loss Ratio
R. Short			$40,000			3
K. Osborne			$19,000			2
W. Sanga			$58,000			4

On May 1, the Carla Vista Company is formed by admitting N. Osvald to the firm as a partner.

Journalize the admission of Osvald if Osvald invests $70,200 cash in the partnership for a 40% ownership interest. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
May 1	K. Osborne, CapitalN. Osvald, CapitalCashR. Short, CapitalW. Sanga, CapitalIncome Summary
	R. Short, CapitalCashN. Osvald, CapitalW. Sanga, CapitalIncome SummaryK. Osborne, Capital
	Income SummaryR. Short, CapitalCashK. Osborne, CapitalN. Osvald, CapitalW. Sanga, Capital
	N. Osvald, CapitalR. Short, CapitalCashK. Osborne, CapitalW. Sanga, CapitalIncome Summary
	R. Short, CapitalK. Osborne, CapitalCashIncome SummaryN. Osvald, CapitalW. Sanga, Capital
	(To invest cash in business.)

Question Part Score

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Osvald invests $29,250 in the partnership for a 20% ownership interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
May 1	Income SummaryK. Osborne, CapitalW. Sanga, CapitalN. Osvald, CapitalCash
	Income SummaryK. Osborne, CapitalN. Osvald, CapitalCashW. Sanga, Capital
	(To invest cash in business.)