Talent, a local HR consulting firm, has total partners equity of $780,000, which is made up of Hall, Capital, $610,000, and Reynolds, Capital, $170,000. The partners share profit/(losses) in a ratio of 80% to Hall and 20% to Reynolds. On July 1, Morris is admitted to the partnership and given a 20% interest in equity. Required: Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of: a. $195,000

Journal entry worksheet

• Record the admission of Morris.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
July 01

b. $240,000

Journal entry worksheet

• Record the admission of Morris.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
July 01

c. $120,000

Journal entry worksheet

• Record the admission of Morris.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
July 01