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Talent, a local HR consulting firm, has total partners' equity of $792,000, which is made up of Hall, Capital, $616,000, and Reynolds, Capital, $176,000. The
Talent, a local HR consulting firm, has total partners' equity of $792,000, which is made up of Hall, Capital, $616,000, and Reynolds, Capital, $176,000. The partners share profit/(losses) in a ratio of 75% to Hall and 25% 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. $198.000 View transaction fist Journal entry worksheet Record the admission of Morris. Note: Enter debits before credits Date July 01 General Journal Debit Credit Record entry Clear entry View general journal b. $246,000 View transaction list Journal entry worksheet 1 Record the admission of Morris. Note: Enter debits before credits. Date General Journal Debit Credit July 01 Record entry Clear entry View general journal c. $126,000 View transaction list Journal entry worksheet Record the admission of Morris, Nita Babe before tradit Dato General Journal Debit Credit July 01 Reconenty Clearly Vlow Keral
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