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Talent, a local HR consulting firm, has total partners' equity of $796.000, which is made up of Hall. Capital, $618,000, and Reynolds. Capital. $178,000. The
Talent, a local HR consulting firm, has total partners' equity of $796.000, which is made up of Hall. Capital, $618,000, and Reynolds. Capital. $178,000. 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. $199.000 View transaction lat Journal entry worksheet Record the admission of Morris. Note: Enter debits before credits. General Journal Debit Credit Date July 01 Record entry Clear entry View general Journal b. $248,000 View transaction ist Journal entry worksheet 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. $128.000 View transaction list Journal entry worksheet Record the admission of Morris. Note: Enter debits before credits General Journal Debit Date July 01 Credit Record entry Clear entry View general Journal
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