S. Noble and T. Wells share income on a 6 : 4 basis. They have capital balances
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Instructions
Prepare the journal entry to record the admission of W. Trinity under each of the following assumptions.
(a) Investment of $90,000 cash for a 30% ownership interest with bonuses to the existing partners.
(b) Investment of $50,000 cash for a 30% ownership interest with a bonus to the new partner.
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a Cash 90000 S Noble Capital 610 X 12000 7200 T Wells Capital 410 X 12000 4800 W ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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