The capital accounts of Trent Henry and Tim Chou have balances of $146,000 and $105,200, respectively. LeAnne Glbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $33,600 and one-fourth of Chou's interest for $23,100. Clarke contributes $35,600 zash to the partnership, for which she is to receive an ownership equity of $35,600. a1. Journalize the entry to record the admission of GIlbert. For a compound transaction, if an amount box does not require an entry, leave it blank. 2. Journalize the entry to record the admission of Clarke. . 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
The capital accounts of Trent Henry and Tim Chou have balances of $146,000 and $105,200, respectively. LeAnne Glbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $33,600 and one-fourth of Chou's interest for $23,100. Clarke contributes $35,600 zash to the partnership, for which she is to receive an ownership equity of $35,600. a1. Journalize the entry to record the admission of GIlbert. For a compound transaction, if an amount box does not require an entry, leave it blank. 2. Journalize the entry to record the admission of Clarke. . 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
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 47P
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Transcribed Image Text:The capital accounts of Trent Henry and Tim Chou have balances of $146,000 and $105,200, respectively. LeAnne Glbert and Becky Clarke are to be
admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $33,600 and one-fourth of Chou's interest for $23,100. Clarke contributes $35,600
zash to the partnership, for which she is to receive an ownership equity of $35,600.
a1. Journalize the entry to record the admission of GIlbert. For a compound transaction, if an amount box does not require an entry, leave it blank.
2. Journalize the entry to record the admission of Clarke.
. 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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