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S. Pagan and T. Tabor share income on a 6:4 basis. They have capital balances of $109,000 and $58,000, respectively, when W. Wolford is
S. Pagan and T. Tabor share income on a 6:4 basis. They have capital balances of $109,000 and $58,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. (a) Investment of $88,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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