50.1K

Verified Solution

Link Copied!

Current Attempt in Progress Blossom Oil Imports is a partnership owned by Magda Stavros and Giannis Metaxas. The partners share profit on a 3:2 basis, respectively. On January 1, 2021, they have capital balances of $91,000 and $79,000, respectively. On that day, Magda and Giannis agree to admit lona Xanthos to the partnership in exchange for an investment of cash into the partnership. Prepare the journal entry to record the admission of Xanthos on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations Round answers to O decimal places, e.g. 5,250.) 1. 2. Xanthos invests $70,000 cash for a 331/3% ownership interest. This is an investment of assets. Xanthos invests $100,000 cash for a 331/3% ownership interest. This is an investment of assets. Date Account Titles and Explanation Debit (1) Jan. 1 (To record purchase of an interest.) Credit 2. 370 Citi smp miler THIS IS IN Xanthos invests $100,000 cash for a 331/3% ownership interest. This is an investment of assets. Date Account Titles and Explanation Debit (1) Jan. 1 (2) Jan. 1 (To record purchase of an interest.) (To record purchase of an interest.) Credit es)-2021 Fall estion 11 of 11 < > Assessment Player UI Application Dashboard -/20 For each of these alternatives, indicate the balance in each partner's capital account and total partners' equity after Xanthos is admitted to the partnership. (Do not leave any answer field blank. Enter 0 for amounts. Round answers to 0 decimal places, e.g. 5,275.) Alternative 1 M. Stavros Capital Beginning $ balance Ending balance G. Metaxas Capital $ $ I. Xanthos Capital $ $ $ $ Total Capital Total Capital Alternative 2 M. Stavros Capital G. Metaxas Capital I. Xanthos Capital Beginning $ $ balance $ $ Ending $ $ $ $ balance

Answer & Explanation Solved by verified expert

See Answer