Pharoah Oil Imports is a partnership owned by Magda Miller and Giannis Moore. The partners share profit on a 3:2 basis, respective On January 1, 2024, they have capital balances of $90,000 and $54,000, respectively. On that day, Magda and Giannis agree to adm lona Andern to the partnership in exchange for an investment of cash into the partnership. Prepare the journal entry to record the admission of Andern on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. Andern invests $45,000 cash for a 30% ownership interest. This is an investment of assets. 2. Andern invests $81,000 cash for a 30% ownership interest. This is an investment of assets. Date Account Titles (1) Jan. 1 Debit Credit
Pharoah Oil Imports is a partnership owned by Magda Miller and Giannis Moore. The partners share profit on a 3:2 basis, respective On January 1, 2024, they have capital balances of $90,000 and $54,000, respectively. On that day, Magda and Giannis agree to adm lona Andern to the partnership in exchange for an investment of cash into the partnership. Prepare the journal entry to record the admission of Andern on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. Andern invests $45,000 cash for a 30% ownership interest. This is an investment of assets. 2. Andern invests $81,000 cash for a 30% ownership interest. This is an investment of assets. Date Account Titles (1) Jan. 1 Debit Credit
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
Related questions
Question
None
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College