Matthew and Hein each $141400 for admission into the organization. Before this transaction, Matthew and Hein show capital balances of $209000 each. The journal entry to record the admiss of Melges will O show a credit to Melges, Capital for $282800. O show a debit to Hein, Capital for $141400. show a debit to Cash for $282800. O not show a debit to Cash.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Matthew and Hein sell to Melges a 1/3 interest in the Matthew - Hein partnership. Melges will pay
Matthew and Hein each $141400 for admission into the organization. Before this transaction,
Matthew and Hein show capital balances of $209000 each. The journal entry to record the admission
of Melges will
O show a credit to Melges, Capital for $282800.
O show a debit to Hein, Capital for $141400.
show a debit to Cash for $282800.
O not show a debit to Cash.
Transcribed Image Text:Matthew and Hein sell to Melges a 1/3 interest in the Matthew - Hein partnership. Melges will pay Matthew and Hein each $141400 for admission into the organization. Before this transaction, Matthew and Hein show capital balances of $209000 each. The journal entry to record the admission of Melges will O show a credit to Melges, Capital for $282800. O show a debit to Hein, Capital for $141400. show a debit to Cash for $282800. O not show a debit to Cash.
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