Bob North and Whitney Adam are partners with capital balances of $1,500 and $600, respectively. They share all profits and losses equally. From the following independent situations, journalize the admission of the new partner, Jack Thompson:
Situation 1: Thompson purchased Adam’s interest for $5,900, paying it personally to Adam.
Situation 2: Thompson invested an amount exactly equal to one-third interest in the partnership.
Situation 3: Thompson invested $1,500 for a one-third interest. North and Adam share the bonus.
Situation 4: Thompson invested $510 for a one-third interest. Bonus is credited to Thompson’s account.

  • CreatedApril 24, 2014
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