Phillip has $35,000 capital and Fay has $15,000 capital in the Phillip & Fay partnership. Phillip...

 

Transcribed Image Text:

Phillip has $35,000 capital and Fay has $15,000 capital in the Phillip & Fay partnership. Phillip and Fay share profits and losses equally. Rory Redmond contributes cash of $26,000 to acquire a 20% interest in the new partnership. Journalize the partnership's receipt of the $26,000 from Redmond. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Phillip has $35,000 capital and Fay has $15,000 capital in the Phillip & Fay partnership. Phillip and Fay share profits and losses equally. Rory Redmond contributes cash of $26,000 to acquire a 20% interest in the new partnership. Journalize the partnership's receipt of the $26,000 from Redmond. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Answer rating: 100% (QA)

ANSWER Heres the journal entry to record the partnerships receipt of 26000 from Rory Redmond Date ... View the full answer