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** UPDATE- solved it on my own don't waste time please Required information (The following information applies to the questions displayed below.] Pam and John

** UPDATE- solved it on my own don't waste time please

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Required information (The following information applies to the questions displayed below.] Pam and John are partners in the PJ's partnership, having capital balances of $120,000 and $40,000, respectively, and share income in a ratio of 3:1. Gerry is to be admitted into the partnership with a 20 percent interest in the business. Required: Prepare journal entries to record Gerry's admission into the partnership for each of the following independent situations. b. Gerry invests $50,000. Total capital is to be $210,000; the partners use the bonus method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Event General Journal Credit Debit 120,000 Cash Gerry, Capital Pam, Capital John, Capital 42,000 40,000 $ 40,000

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