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S. Stephens and J. Perez are partnets in Space Designs. Stephens and Perez share income equally. D. Fredericks will be admitted to the partnership. Prior to the admissio equipment was revalued downward by $8,000. The capital balances of each parther are $100,000 and $139,000, respectively, ptior to the revaluation. Required: (1) Provide the joumal entry for the asset revatuation on December 31. . (2) Provide the joumal entry on December 31 for Fredericks'admission under the following independent situations:" a. Fredericks purchased a 20% interest for $50,000. b. Fredericks purchased a 30% interest for $125,000. - Refer to the Chart of Accounts for exact wording of account tities. Chart Of Accounts CHART OF ACCOUNTS Space Designs General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 113 Allowance for Doubtful Accounts EXPENSES 114 Interest Receivable 511 Cost of Merchandise Sold 115 Notes Receivable 521 Salary Expense 116 Merchandise Inventory 531 Advertising Expense 117 Supplies 532 Utilities Expense 118 Prepaid Insurance 533 Repairs Expense 120 Land 534 Sthplies Expense 123 Building 535 Rent Expense 124 Accumulated Depreciation-Bulding 536 Insurance Expense 125 Equipment 541 Bad Debt Expense 126 Accumulated Depreciation-Equipment . 542 Credit Card Expense 129 Asset Revaluations 543 Cash Short and Over 133 Patent 551 Deoreciation Expense-Buildino Chart Of Accounts 125 Equipment 541 Bad Debt Expense 126 Accumulated Depreciation-Equipment 542 Credit Card Expense 129 Asset Revaluations 543 Cash Short and Over 133 Patent 551 Depreciation Expense-Building 553 Depreciation Expense-Equipment LIABILITIES 591 Miscellaneous Expense 210 Accounts Payable 710 Interest Expense 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 S. Stephens, Capital 311 S. Stephens, Drawing 312 J. Perez, Capital 313 J. Perez, Drawing 314 D. Fredericks, Capital 315 D. Fredericks, Drawing (1) Provide the joumal entry for the asset revaluation on December 31. Refer to the Chart of Accounts for exact wording of account tites (2a) Provide the journal entry on December 31 for Fredericks' admission, it Fredericks purchased a 20% interest for $50,000. Refer to the Chart of Aco account tities. (2a) Provide the joumal enty on December 31 for Fredericks' admissian, if Fredencks punchased a 20% interest for 550,000 . Refor to the Chart of Accounts for exact wording of scocunt hites. (20) Provide the journal enty on December 3t for Fredericks'admlssian, If Frederickspurchased a 30% inderest for $125,000. Fefer to the Chart of Accounts for exact wonding of account bthes (2b) Provide the joumat entry an December 31 for Fredericks' admission, if Fredericks purchasod a 30% interest for $125,000. Reler fo the Chair of Accounts for exact wording of account nites
