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[The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 2:3:5 ratio (in percents: Meir, 20%; Benson, 30%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $78,000; Benson, $119,000; and Lau, $203,000. Benson decides to withdraw from the partnership.
2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhodes entry into the partnership under each separate assumption: Rhode invests (a) $133,333; (b) $97,333; and (c) $174,666. (Do not round intermediate calculations.)
View transaction list View journal entry worksheet No 1 2 3 Transaction (a) (b) (c) Cash Rhode, Capital Cash Meir, Capital Benson, Capital Lau, Capital Rhode, Capital Cash Meir, Capital Benson, Capital Lau, Capital Rhode, Capital General Journal Debit 133,333 97,333 15,600 35,700 101,500 174,666 Credit 133,333 75,083
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