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The capital accounts of Trent Henry and Tim Chou have balances of $160,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted
The capital accounts of Trent Henry and Tim Chou have balances of $160,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $35,000 and one-fourth of Chou's interest for $29,000. Clarke contributes $90,000 cash to the partnership, for which she is to receive an ownership equity of $90,000. a1. Journalize the entry to record the admission of Gilbert. For a compound transaction, if an amount box does not require an entry, leave blank. a 2. Journalize the entry to record the admission of Clarke. b. What are the capital balances of each partner after the admission of the new partners? Partner Capital Balance $ Trent Henry Tim Chou $ LeAnne Gilbert $ Becky Clarke $
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