Required information [The following information applies to the questions displayed below.] Meir, Benson, and Lau are...
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Required information [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $33,000; Benson, $139,000; and Lau, $178,000. Benson decides to withdraw from the partnership. 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (c) Benson is paid $139,000 in partnership cash for her equity; (d) Benson is paid $177,000 in partnership cash for her equity; and (e) Benson is paid $13,000 in partnership cash plus equipment recorded on the partnership books at $33,000 less its accumulated depreciation of $11,600. No 1 2 3 4 5 Transaction (a) (b) (d) (e) Benson, Capital North, Capital Benson, Capital Schmidt, Capital Answer is not complete. General Journal Benson, Capital Cash Benson, Capital Meir, Capital Lau, Capital Benson, Capital Accumulated depreciation-Equipment Meir, Capital Lau, Capital Equipment Cash Debit 139,000 139,000 139,000 139,000 6,333 31,667 139,000 11,600 Credit 139,000 139,000 139,000 177,000 17,433 87,167 33,000 13,000 Required information [The following information applies to the questions displayed below.] Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $33,000; Benson, $139,000; and Lau, $178,000. Benson decides to withdraw from the partnership. 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (c) Benson is paid $139,000 in partnership cash for her equity; (d) Benson is paid $177,000 in partnership cash for her equity; and (e) Benson is paid $13,000 in partnership cash plus equipment recorded on the partnership books at $33,000 less its accumulated depreciation of $11,600. No 1 2 3 4 5 Transaction (a) (b) (d) (e) Benson, Capital North, Capital Benson, Capital Schmidt, Capital Answer is not complete. General Journal Benson, Capital Cash Benson, Capital Meir, Capital Lau, Capital Benson, Capital Accumulated depreciation-Equipment Meir, Capital Lau, Capital Equipment Cash Debit 139,000 139,000 139,000 139,000 6,333 31,667 139,000 11,600 Credit 139,000 139,000 139,000 177,000 17,433 87,167 33,000 13,000
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Solution No Transaction General Journal Debit Credit 4 d Benson Capital 139000 ... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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