Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the capital accounts of trent henry and tim chou h

The capital accounts of Trent Henry and Tim Chou have balances of $168,000 and $120,800,...

80.2K

Verified Solution

Question

Accounting

The capital accounts of Trent Henry and Tim Chou have balances of $168,000 and $120,800, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $38,600 and one-fourth of Chou's interest for $26,600. Clarke contributes $41,000 cash to the partnership, for which she is to receive an ownership equity of $41,000, a1. Journalize the entry to record the admission of Gilbert. If an amount box does not require an entry, leave it blank. a2. Journalize the entry to record the admission of Clarke. If an amount box does not require an entry, leave it blank. b. What are the capital balances of each partner after the admission of the new partners? Partner Trent Henry Tim Chou LeAnne Gilbert Becky Clarke Capital Balance Prince Neyt

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students