Bob North and Whitney Adam are partners with capital balances of $1,500 and $600, respectively. They share

Question:

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 Wilcox:
Situation 1: Wilcox purchased Adam's interest for $6,200, paying it personally to Adam.
Situation 2: Wilcox invested an amount exactly equal to one-third interest in the partnership.
Situation 3: Wilcox invested $3,600 for a one-third interest. North and Adam share the bonus.
Situation 4: Wilcox invested $570 for a one-third interest. Bonus is credited to Wilcox's account.