90.2K

Verified Solution

Link Copied!

this is accouting question. thank you so much.

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, $68,000; Benson, $104,000; and Lau, $178,000. 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 Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $116,667; (b) $85,167; and (c) $152,834. (Do not round your intermediate calculations.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 (a) Cash 116,667 Rhode, Capital 116,667 2 (b) Cash 85,167 Meir, Capital Benson, Capital Lau, Capital Rhode, Capital View transaction list Journal entry worksheet Record the admission of Rhode with an investment of $85,167 for a 25% interest in the equity. Note: Enter debits before credits. General Journal Debit Credit Transaction (b) Cash 85,167 Meir, Capital Benson, Capital Lau, Capital Rhode, Capital Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the admission of Rhode with an investment of $152,834 for a 25% interest in the equity. Note: Enter debits before credits. General Journal Debit Credit Transaction (c) Record entry Clear entry View general journal

Answer & Explanation Solved by verified expert

See Answer