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The capital accounts of Mike Cash and Ed Doerr have balance sheets of $56,000 and $100,000 respectively. Paula Goles and Julia Howel are going to be admitted to society. Goals buy 1/4 of Cash's interest for $22,000 and 1/5 of Doerr's interest for $30,000. Howel contributes $60,000 for which he will receive an interest of $60,000. (5 pts)

Requires:

A. Submit Journal entries to register the admission of new members.

B. What are the new capital balance sheets for each member after admission?

2-The Friendly Partnership ceased operations on May 6, 20Y5, and prepared the following simplified trial balance. Upon liquidation on May 25, 20Y5, the noncash assets were sold for $27,900. If the partnership agreement states that, the partners, Beth Friend and Lily Friend, share income according to a 4:1 ratio,

a) Prepare the statement of partnership liquidation.

b) Prepared Journal entries

EJERCICIOS 1. Las cuentas de capital de Mike Cash y Ed Doerr tienen balances de $56,000 y $100,000 respectivamente. Paula Goles y Julia Howel van a ser admitidas a la sociedad. Goles compra 1/4 del inters de Cash por $22,000 y 1/5 del inters de Doerr's por $30,000. Howel contribuye con $60,000 por los cuales va a recibir un inters de $60,000. (5 ptos) Requiere: a. Presente las entradas de Journal para registrar la admisin de los socios nuevos. b. Cules son los nuevos balances de capital para cada socio despus de la admisin? Description Debit Credit 2. (15 puntos) The Friendly Partnership ceased operations on May 6, 20Y5, and prepared the following simplified trial balance. Upon liquidation on May 25, 2045, the noncash assets were sold for $27,900. If the partnership agreement states that, the partners, Beth Friend and Lily Friend, share income according to a 4:1 ratio, a) Prepare the statement of partnership liquidation. b) Prepared Journal entries The Friendly Partnership Post-Closing Trial Balance May 6, 2045 Debit Balances Credit Balances Cash 48,300 Noncash Assets 21,650 Liabilities 15.900 Beth Friend, Capital 25,700 Lily Friend, Capital 28.350 $69,950 $69,950 EJERCICIOS 1. Las cuentas de capital de Mike Cash y Ed Doerr tienen balances de $56,000 y $100,000 respectivamente. Paula Goles y Julia Howel van a ser admitidas a la sociedad. Goles compra 1/4 del inters de Cash por $22,000 y 1/5 del inters de Doerr's por $30,000. Howel contribuye con $60,000 por los cuales va a recibir un inters de $60,000. (5 ptos) Requiere: a. Presente las entradas de Journal para registrar la admisin de los socios nuevos. b. Cules son los nuevos balances de capital para cada socio despus de la admisin? Description Debit Credit 2. (15 puntos) The Friendly Partnership ceased operations on May 6, 20Y5, and prepared the following simplified trial balance. Upon liquidation on May 25, 2045, the noncash assets were sold for $27,900. If the partnership agreement states that, the partners, Beth Friend and Lily Friend, share income according to a 4:1 ratio, a) Prepare the statement of partnership liquidation. b) Prepared Journal entries The Friendly Partnership Post-Closing Trial Balance May 6, 2045 Debit Balances Credit Balances Cash 48,300 Noncash Assets 21,650 Liabilities 15.900 Beth Friend, Capital 25,700 Lily Friend, Capital 28.350 $69,950 $69,950