Henry, Miller, and Lawrence, a partnership, is considering admitting Keegan Thompson as a new partner. On July
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Journalize the admission of Thompson as a partner on July 31 for each of the following independent situations:
1. Thompson pays Lawrence $210,000 cash to purchase Lawrence's interest.
2. Thompson contributes $105,000 to the partnership, acquiring a 1/4 interest in the business.
3. Thompson contributes $105,000 to the partnership, acquiring a 1/6 interest in the business.
4. Thompson contributes $105,000 to the partnership, acquiring a 1/3 interest in the business.
Transcribed Image Text:
Capital Henry Miller Lawrence Profit-and-Loss-Sharing % 20% 25% 55% $ 52,500 105,000 157,500
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Requirement 1 Date Accounts and Explanation Debit Credit 2016 Jul 31 Lawrence Capital 157500 Thomspo...View the full answer
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Related Book For
Horngrens Accounting
ISBN: 978-0133866889
11th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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