Question
S. Wang and T. Wu are partners with equal capital balances of $50,000 each. They agree to let J. Li invest $20,000 in their partnership
S. Wang and T. Wu are partners with equal capital balances of $50,000 each. They agree to let J. Li invest $20,000 in their partnership for a 10% interest, including bonuses to the existing partners. The journal entry to reflect the bonus to Wang will include a credit to _______ in the amount of ______.
Wang, Capital; $8,000
Cash; $5,000
Wang, Capital; $5,000
Wang, Capital; $4,000
Cash; $4,000
Cash; $8,000
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College Accounting Chapters 1-24
Authors: Tracie L Nobles, Cathy Scott
11th Edition
1111528306, 978-1111528300
