The Felton and Burchell Partnership has partner capital account balances as follows: Felton, Capital $555,000 Burchell, Capital $235,000 The partners share income and losses in the ratio of 70% to Felton and 30% to Burchell. Prepare the journal entry on the books of the partnership to record the admission of Santos as a new partner under the following three independent circumstances. Santos invests $239,000 in the partnership for a one-third interest in partnership capital. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount
The Felton and Burchell Partnership has partner capital account balances as follows: Felton, Capital $555,000 Burchell, Capital $235,000 The partners share income and losses in the ratio of 70% to Felton and 30% to Burchell. Prepare the journal entry on the books of the partnership to record the admission of Santos as a new partner under the following three independent circumstances. Santos invests $239,000 in the partnership for a one-third interest in partnership capital. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 2BCRQ
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Question
The Felton and Burchell Partnership has partner capital account balances as follows:
| Felton, Capital | $555,000 | |
| Burchell, Capital | $235,000 |
The partners share income and losses in the ratio of 70% to Felton and 30% to Burchell.
Prepare the
Santos invests $239,000 in the partnership for a one-third interest in partnership capital. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
select an account title
|
enter a debit amount
|
enter a credit amount
|
|
select an account title
|
enter a debit amount
|
enter a credit amount
|
|
select an account title
|
enter a debit amount
|
enter a credit amount
|
|
select an account title
|
enter a debit amount
|
enter a credit amount
|
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