Subject- account Blossom Oil Imports is a partnership owned by Magda Johnson and Giannis Jone. The partners share profit on a 3:basis, respectively. On January 1, 2024, they have capital balances of $80,000 and $48,000, respectively. On that dayMagda and Giannis agree to admit lona Denner to the partnership in exchange for an investment of cash into thepartnership. (a) Prepare the journal entry to record the admission of Denner on January 1 under each of the followinindependent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indmanually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is requireselect "No Entry" for the account titles and enter 0 for the amounts.) 1 2 Denner invests $40,000 cash for a 30%ownership interest. This is an investment of assets. Denner invests $72,000 cash for a 30% ownership interest. Thisan investment of assets. Date Account Titles (1) Jan. 1 (2) Jan. 1 A C + Debit Credit 111 "T"Blossom Oil Imports is a partnership owned by Magda Johnson and Glannis Jone. The partners share profit on a 3:2basis, respectively. On January 1, 2024, they have capital balances of $80,000 and $48,000, respectively. On that day,Magda and Giannis agree to admit lona Denner to the partnership in exchange for an investment of cash into thepartnership.(a)Prepare the journal entry to record the admission of Denner on January 1 under each of the following independentassumptions: (Credit account titles are automatically indented when the amount is entered. Do notindent manually. Do not round any intermediate calculations. List all debit entries before creditentries. If no entry is required, select "No Entry" for the account titles and enter 0 for theamounts.)12Denner invests $40,000 cash for a 30% ownership interest. This is an investment of assets.Denner invests $72,000 cash for a 30% ownership interest. This is an investment of assets.Date Account Titles(1) Jan 1(2) Jan. 1:#DebitCreditIII

Partnership Firm is an organization where an agreement is formed between two or more individuals for…

Blossom Oil Imports is a partnership owned by Magda Johnson and Giannis Jone. The partners share profit on a 3 basis, respectively. On January 1, 2024, they have capital balances of $80,000 and $48,000, respectively. On that da Magda and Giannis agree to admit lona Denner to the partnership in exchange for an investment of cash into the partnership. (a) Prepare the journal entry to record the admission of Denner on January 1 under each of the follow independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not in manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is requi select "No Entry" for the account titles and enter 0 for the amounts.) 1 2 Denner invests $40,000 cash for a 30% ownership interest. This is an investment of assets. Denner invests $72,000 cash for a 30% ownership interest. Th an investment of assets. Date Account Titles (1) Jan. 1 (2) Jan. 1 AC + Debit Credit 111 "T" (a) Blossom Oil Imports is a partnership owned by Magda Johnson and Giannis Jone. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $80,000 and $48,000, respectively. On that day. Magda and Giannis agree to admit lona Denner to the partnership in exchange for an investment of cash into the partnership. 1 Prepare the journal entry to record the admission of Denner on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) 2 Date Account Titles Denner invests $40,000 cash for a 30% ownership interest. This is an investment of assets. Denner invests $72,000 cash for a 30% ownership interest. This is an investment of assets. (1) Jan 1 3 (2) Jan. 1 Ć : # Debit Credit

Blossom Oil Imports is a partnership owned by Magda Johnson and Giannis Jone. The partners share profit on a 3 basis, respectively. On January 1, 2024, they have capital balances of $80,000 and $48,000, respectively. On that da Magda and Giannis agree to admit lona Denner to the partnership in exchange for an investment of cash into the partnership. (a) Prepare the journal entry to record the admission of Denner on January 1 under each of the follow independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not in manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is requi select "No Entry" for the account titles and enter 0 for the amounts.) 1 2 Denner invests $40,000 cash for a 30% ownership interest. This is an investment of assets. Denner invests $72,000 cash for a 30% ownership interest. Th an investment of assets. Date Account Titles (1) Jan. 1 (2) Jan. 1 AC + Debit Credit 111 "T" (a) Blossom Oil Imports is a partnership owned by Magda Johnson and Giannis Jone. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $80,000 and $48,000, respectively. On that day. Magda and Giannis agree to admit lona Denner to the partnership in exchange for an investment of cash into the partnership. 1 Prepare the journal entry to record the admission of Denner on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) 2 Date Account Titles Denner invests $40,000 cash for a 30% ownership interest. This is an investment of assets. Denner invests $72,000 cash for a 30% ownership interest. This is an investment of assets. (1) Jan 1 3 (2) Jan. 1 Ć : # Debit Credit

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 2BD

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