S. Primrose and 8. Adora have a partnership in which they share profit and loss equally. There is an $80,000 balance in each of the capital accounts. Which of the following is the correct journal entry to record assuming Primrose and Adora agree to admit M. Houston as a new one fourth interest partner? Houston contributes $64,000 to the partnership.
S. Primrose and 8. Adora have a partnership in which they share profit and loss equally. There is an $80,000 balance in each of the capital accounts. Which of the following is the correct journal entry to record assuming Primrose and Adora agree to admit M. Houston as a new one fourth interest partner? Houston contributes $64,000 to the partnership.
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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Please Explain Proper And Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance
Transcribed Image Text:Que son ou pa
S. Primrose and B. Adora have a partnership in which they share profit and loss equally. There is an $80,000 balance in each of the capital
accounts. Which of the following is the correct journal entry to record assuming Primrose and Adora agree to admit M. Houston as a new one
fourth interest partner? Houston contributes $64,000 to the partnership.
Ob
Oc
Od
O.
Of
Og
Oh
Oi
0₁
Ok
Cash 64,000
Primrose, Capital 4,000
Adora, Capital 4,000
Houston, Capital 56,000
S. Primrose, Capital 32,000
Adora, Capital 32,000
Houston, Capital 64,000
Cash 64,000
Houston, Capital 64,000
Cash 64,000
Primrose, Capital 32,000
Adora, Capital 32,000
Transcribed Image Text:S. Primrose and B. Adora have a partnership in which they share profit and loss equally. There is an $80,000 balance in each of the capital
accounts. Which of the following is the correct journal entry to record assuming Primrose and Adora agree to admit M. Houston as a new one-
fourth interest partner? Houston contributes $64,000 to the partnership.
Ob
C
d
0000000
OC
.
k
Cash 64,000
Primrose, Capital 4,000
Adora, Capital 4,000
Houston, Capital 56,000
5. Primrose, Capital 32,000
Adora, Capital 32,000
Houston, Capital 64,000
Cash 64,000
Houston, Capital 64,000
Cash 64,000
Primrose, Capital 32,000
Adora, Capital 32,000
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