.  Prepare general journal entries showing the transactions admitting Bridges and Terrell to the partnership. If an amount box does not require an entry, leave it blank. 2.  Calculate the ending capital balances of all four partners after the transactions. Jeff Bowman and Kristi Emery, who have ending capital balances of $100,900 and $53,500, respectively, agree to admit two new partners to their business on August 18, 20--. Dan

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Admitting New Partners

1.  Prepare general journal entries showing the transactions admitting Bridges and Terrell to the partnership. If an amount box does not require an entry, leave it blank.

2.  Calculate the ending capital balances of all four partners after the transactions.

Jeff Bowman and Kristi Emery, who have ending capital balances of $100,900 and $53,500, respectively, agree to admit two new partners to their business on August 18, 20--. Dan Bridges will buy one-fifth of Bowman’s capital interest for $28,580 and one-fourth of Emery’s capital interest for $30,325. Payments will be made directly to the partners. Anna Terrell will invest $58,905 in the business, for which she will receive a $58,905 capital interest

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Calculation of amount of new partner

jeff bowman.    (100,900*1/5) = 20,180

Kristi emery.     (53,500*1/4) = 13,375

Then total amount of dan bridges = $33,555

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