Question
Please show all work (no script please) Yon Haggerdorf and Sue Lee, who have ending capital balances of $80,000 and $60,000, respectively, agree to admit
Please show all work (no script please)
Yon Haggerdorf and Sue Lee, who have ending capital balances of $80,000 and $60,000, respectively, agree to admit two new partners to their business on April 1, 20--. Carlos Sanchez will buy 1/4 of Haggerdorf's equity interest for $20,000 and 1/3 of Lee's equity interest for $25,000 directly from the partners. Carmen Della will invest $30,000 in the business for which she is to receive a $30,000 equity interest.
Required:
a. Prepare general journal entries showing the above transactions admitting Sanchez and Della to the partnership. If an amount box does not require an entry, leave it blank.
Date | Description | Debit | Credit |
Apr. 1 | Fill-in the blank | Fill-in the blank | Fill-in the blank |
Fill-in the blank | Fill-in the blank | Fill-in the blank | |
Fill-in the blank | Fill-in the blank | Fill-in the blank | |
Apr. 1 | Fill-in the blank | Fill-in the blank | Fill-in the blank |
Fill-in the blank | Fill-in the blank | Fill-in the blank |
b. Calculate the ending capital balances for all four partners after the above transactions.
Ending capital balances as of April 1, 20--: |
Carmen Della $ Fill-in the blank
Yon Haggerdorf $ Fill-in the blank
Sue Lee $ Fill-in the blank
Carlos Sanchez $ Fill-in the blank
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