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.)
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