Talent, a local HR consulting firm, has total partners' equity of $778,000, which is made up...

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Talent, a local HR consulting firm, has total partners' equity of $778,000, which is made up of Hall, Capital, $609,000, and Reynolds, Capital, $169,000. The partners share profit/(losses) in a ratio of 75% to Hall and 25% to Reynolds. On July 1, Morris is admitted to the partnership and given a 20% interest in equity. Required: Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of: a. $194,500 View transaction list Journal entry worksheet < 1 Record the admission of Morris. Note: Enter debits before credits. Date Debit Credit July 01 General Journal b. $239,000 View transaction list Journal entry worksheet 1 Record the admission of Morris. Note: Enter debits before credits. Date July 01 Record entry General Journal Clear entry Debit Credit View general journal c. $119,000 View transaction list Journal entry worksheet Record the admission of Morris. Note: Enter debits before credits. Date July 01 Record entry General Journal Clear entry Debit Credit View general journal J Talent, a local HR consulting firm, has total partners' equity of $778,000, which is made up of Hall, Capital, $609,000, and Reynolds, Capital, $169,000. The partners share profit/(losses) in a ratio of 75% to Hall and 25% to Reynolds. On July 1, Morris is admitted to the partnership and given a 20% interest in equity. Required: Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of: a. $194,500 View transaction list Journal entry worksheet < 1 Record the admission of Morris. Note: Enter debits before credits. Date Debit Credit July 01 General Journal b. $239,000 View transaction list Journal entry worksheet 1 Record the admission of Morris. Note: Enter debits before credits. Date July 01 Record entry General Journal Clear entry Debit Credit View general journal c. $119,000 View transaction list Journal entry worksheet Record the admission of Morris. Note: Enter debits before credits. Date July 01 Record entry General Journal Clear entry Debit Credit View general journal J

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Answer Solution Journal Entries A Date General Journal Debit Credit July ... View the full answer