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Category > Accounting Posted 20 Jun 2017 My Price 7.00

The Josetti Partnership has total partners’ equity of $558,000

The Josetti Partnership has total partners’ equity of $558,000, which is made up of Dopke, Capital, $392,000, and Hughes, Capital, $166,000. The partners share net income and loss in a ratio of 85% to Dopke and 15% to Hughes. On November 1, Nillsen is admitted to the partnership and given a 10% interest in equity and a 10% share in any income and loss. Prepare the journal entry to record the admission of Nillsen under each of the following separate assumptions: Nillsen invests cash of 
(1) $62,000; 
(2) $97,000; and 
(3) $32,000.

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Alpha Geek
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Status NEW Posted 20 Jun 2017 08:06 AM My Price 7.00

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Attachments

file 1497945793-263301_1_636334942397177821_Journal-Entry.docx preview (151 words )
J-----------our-----------nal----------- En-----------try-----------: -----------Tra-----------nsa-----------cti-----------on -----------Gen-----------era-----------l J-----------our-----------nal----------- De-----------bit----------- Cr-----------edi-----------t -----------  -----------  -----------  -----------  ----------- 1 -----------Cas-----------h 6-----------2,0-----------00 -----------  -----------  ----------- ----------- ----------- T-----------o N-----------ill-----------sen-----------, C-----------api-----------tal-----------  ----------- 62-----------,00-----------0 -----------  -----------  -----------  -----------  ----------- 2 -----------Cas-----------h 9-----------7,0-----------00 -----------  -----------  ----------- ----------- ----------- T-----------o N-----------ill-----------sen-----------, C-----------api-----------tal-----------  ----------- 65-----------,50-----------0 -----------  ----------- ----------- ----------- To----------- Do-----------pke-----------, C-----------api-----------tal-----------  ----------- 26-----------,77-----------5 -----------  ----------- ----------- ----------- To----------- Hu-----------ghe-----------s, -----------Cap-----------ita-----------l Â-----------  4-----------,72-----------5 -----------  -----------  -----------  -----------  ----------- 3 -----------Cas-----------h 3-----------2,0-----------00 -----------  -----------  ----------- D-----------opk-----------e, -----------Cap-----------ita-----------l 2-----------2,9-----------50 -----------  -----------  ----------- H-----------ugh-----------es,----------- Ca-----------pit-----------al -----------4,0-----------50 -----------  -----------  ----------- ----------- ----------- T-----------o N-----------ill-----------sen-----------, C-----------api-----------tal-----------  ----------- 59-----------,00-----------0 -----------Exp-----------lan-----------ati-----------on:-----------(1)-----------[($-----------558-----------,00-----------0+
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