Question

At April 30, partners’ capital balances in Oriole Partners are Dexter $36,100, Emley $21,320, and Sigle...

At April 30, partners’ capital balances in Oriole Partners are Dexter $36,100, Emley $21,320, and Sigle $19,680. The profit-sharing ratio is 5:3:2, respectively. On May 1, the Cheyenne Partnership is formed by admitting Watson to the firm as a partner with 20% equity.

Watson invests $19,275. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

May 1

                                                                      Emley, CapitalCashWatson, CapitalDexter, CapitalSigle, Capital

                                                                      Dexter, CapitalEmley, CapitalWatson, CapitalCashSigle, Capital

(To invest cash in business.)

Watson invests $28,700. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

May 1

                                                                      Watson, CapitalDexter, CapitalCashSigle, CapitalEmley, Capital

                                                                      Sigle, CapitalCashWatson, CapitalDexter, CapitalEmley, Capital

                                                                      CashEmley, CapitalWatson, CapitalDexter, CapitalSigle, Capital

                                                                      CashDexter, CapitalEmley, CapitalSigle, CapitalWatson, Capital

                                                                      Dexter, CapitalEmley, CapitalWatson, CapitalSigle, CapitalCash

(To invest cash in business.)

Watson invests $8,200. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

May 1

                                                                      CashEmley, CapitalWatson, CapitalDexter, CapitalSigle, Capital

                                                                      Sigle, CapitalWatson, CapitalDexter, CapitalCashEmley, Capital

                                                                      CashWatson, CapitalSigle, CapitalEmley, CapitalDexter, Capital

                                                                      Emley, CapitalSigle, CapitalCashWatson, CapitalDexter, Capital

                                                                      CashEmley, CapitalDexter, CapitalSigle, CapitalWatson, Capital

(To invest cash in business.)

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In Sandhill Co., capital balances are Irey $39,300 and Pedigo $56,900. The partners share income equally....
In Sandhill Co., capital balances are Irey $39,300 and Pedigo $56,900. The partners share income equally. Vernon is admitted to the firm with a 44% interest by an investment of cash of $41,000. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit   
In Wildhorse Co., capital balances are Irey $37,100 and Pedigo $46,900. The partners share income equally....
In Wildhorse Co., capital balances are Irey $37,100 and Pedigo $46,900. The partners share income equally. Vernon is admitted to the firm with a 44% interest by an investment of cash of $43,400. Journalize the admission of Vernon. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit   
Oriole Company issued $640,000, 10%, 10-year bonds on December 31, 2019, for $570,000. Interest is payable...
Oriole Company issued $640,000, 10%, 10-year bonds on December 31, 2019, for $570,000. Interest is payable annually on December 31. Oriole Company uses the straight-line method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2019 Prepare the journal entry to record the payment of interest and the discount...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year bonds at face value. Interest is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2019. (Credit account titles are automatically indented when amount is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year bonds at face value. Interest is...
On January 1, 2019, Metlock, Inc. issued $554,500, 14%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 (b) Prepare the journal entry to record the accrual of interest on December 31, 2019. (Credit account titles are automatically indented when amount is...
Record the following transactions on the books of Wildhorse Co.: On May 1, Wildhorse Co. sold...
Record the following transactions on the books of Wildhorse Co.: On May 1, Wildhorse Co. sold merchandise on account to Kaneva Inc. for $42,000, terms 2/10, n/30. Ignore any entries that affect inventory, cost of goods sold, and refund liability for the purposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date...
Blossom Company issued $579,000 of 9%, 10-year bonds on January 1, 2020, at face value. Interest...
Blossom Company issued $579,000 of 9%, 10-year bonds on January 1, 2020, at face value. Interest is payable annually on January 1. Your answer is incorrect. Try again. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entry to record the...
Blossom Corp. purchased a put option on Mykia common shares on July 7, 2020, for $467....
Blossom Corp. purchased a put option on Mykia common shares on July 7, 2020, for $467. The put option is for 350 shares, and the strike price is $45. The option expires on January 31, 2021. The following data are available with respect to the put option: Fair Value Market Price Date of Option of Mykia Shares Sept. 30, 2020 $228 $52 per share Dec. 31, 2020 $101 $54 per share Jan. 31, 2021 $0 $58 per share Prepare the...
On April 1, 2020, Indigo Corporation assigns $490,000 of its accounts receivable to First National Bank...
On April 1, 2020, Indigo Corporation assigns $490,000 of its accounts receivable to First National Bank as collateral for a $200,000 loan that is due July 1, 2020. The assignment agreement calls for Indigo to continue to collect the receivables. First National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 8%, a realistic rate for a note of this type. Prepare the April 1, 2020 journal entry for Indigo Corporation. (Credit...
Journalize the following business transactions. (Credit account titles are automatically indented when the amount is entered....
Journalize the following business transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) Qing Wei invests $9,900 cash in the business. (b) Insurance of $900 is paid for the year. (c) Supplies of $2,200 are purchased on account. (d) Cash of $8,100 is received for services performed.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT