College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 19, Problem 1SEA
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Admitting New Partner Who Contributes Assets After the tangible assets have been adjusted to current
market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $93, 000 and $
130,000, respectively. Lewan Gorman is to be admitted to the partnership, contributing $62,000 cash to the
partnership, for which he is to receive an ownership equity of $81,000. All partners share equally in income.
Question Content Area a. Journalize the entry to record the admission of Gorman, who is to receive a bonus
of $19,000. If an amount box does not require an entry, leave it blank. blank Cash 62,000 Lewan Gorman,
Drawing 81,000 Harry Barge, Capital 19,000 Lewan Gorman, Capital 81,000 Question Content Area b.
What are the capital balances of each partner after the admission of the new partner? Partner Balance
Grayson Jackson Sfill in the blank a4bbb009305cfea_1 155,000 Harry Barge Sfill in the blank a4bbb009305
cfea_2 11,000 Lewan Gorman Sfill in the blank a4bbb009305cfea_3…
Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $600 cash, $1900 equipment and a $500 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $3000. These amounts are the values agreed on by both partners. The journal entry to record Plant's investment is:
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Partnership Opening Entries
Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners.
According to the agreement, Morris is to contribute $40,000 cash and Laski is to
contribute $65,000 cash.
Provide a separate journal entry for the investment of each partner.
Page: 1
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DATE
ACCOUNT TITLE
DEBIT CREDIT
20--
Sept. 1
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Chapter 19 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 19 - Prob. 1TFCh. 19 - Prob. 2TFCh. 19 - Prob. 3TFCh. 19 - Prob. 4TFCh. 19 - Prob. 5TFCh. 19 - Prob. 1MCCh. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MC
Ch. 19 - Prob. 1CECh. 19 - Prob. 2CECh. 19 - Prob. 3CECh. 19 - Prob. 4CECh. 19 - Prob. 5CECh. 19 - Prob. 1RQCh. 19 - Prob. 2RQCh. 19 - Prob. 3RQCh. 19 - Prob. 4RQCh. 19 - Prob. 5RQCh. 19 - Prob. 6RQCh. 19 - Prob. 7RQCh. 19 - Prob. 8RQCh. 19 - Prob. 9RQCh. 19 - Prob. 1SEACh. 19 - Prob. 2SEACh. 19 - Prob. 3SEACh. 19 - Prob. 4SEACh. 19 - ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of...Ch. 19 - Prob. 6SPACh. 19 - Prob. 7SPACh. 19 - Prob. 8SPACh. 19 - Prob. 9SPACh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1SEBCh. 19 - Prob. 2SEBCh. 19 - Prob. 3SEBCh. 19 - Prob. 4SEBCh. 19 - Prob. 5SEBCh. 19 - Prob. 6SPBCh. 19 - Prob. 7SPBCh. 19 - ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings...Ch. 19 - Prob. 9SPBCh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1MYWCh. 19 - Prob. 1ECCh. 19 - Prob. 1MPCh. 19 - Prob. 1CPCh. 19 - Prob. 1COP
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