At April 30, partners' capital balances in DES Partners are Dexter $44,000, Emley $26,000, and Sigle...

 

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At April 30, partners' capital balances in DES Partners are Dexter $44,000, Emley $26,000, and Sigle $24,000. The profit-sharing ratio is 5:3:2, respectively. On May 1, the DESW Partnership is formed by admitting Watson to the firm as a partner with 20% equity. Watson invests $23,500. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1 (To invest cash in business.) Debit Credit Watson invests $35,000. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1 (To invest cash in business.) Debit Credit Watson invests $10,000. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1 (To invest cash in business.) Debit Credit At April 30, partners' capital balances in DES Partners are Dexter $44,000, Emley $26,000, and Sigle $24,000. The profit-sharing ratio is 5:3:2, respectively. On May 1, the DESW Partnership is formed by admitting Watson to the firm as a partner with 20% equity. Watson invests $23,500. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1 (To invest cash in business.) Debit Credit Watson invests $35,000. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1 (To invest cash in business.) Debit Credit Watson invests $10,000. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1 (To invest cash in business.) Debit Credit

Answer rating: 100% (QA)

Req 1 Total Capital of Partners before admission Add Capital of New partner Total capital after admi... View the full answer