Bob North and Whitney Ahern are partners with capital balances of $1,300 and $800, respectively. They share all profits and losses equally. From the following independent situations, journalize the admission of the new partner, Jack Underwood:
Situation 1: Underwood purchased Ahern’s interest for $6,400, paying it personally to Ahern.
Situation 2: Underwood invested an amount exactly equal to one-third interest in the partnership.
Situation 3: Underwood invested $4,200 for a one-third interest. North and Ahern share the bonus.
Situation 4: Underwood invested $690 for a one-third interest. Bonus is credited to Underwood’s account.

  • CreatedApril 24, 2014
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