qs 12 - 8 (algo) admission of a partner lo p3\njules and johnson are partners, each with $32,800 in their…
qs 12 - 8 (algo) admission of a partner lo p3\njules and johnson are partners, each with $32,800 in their partnership capital accounts. kwon is admitted to the partnership by investing $32,800 cash.\nprepare the entry to show kwons admission to the partnership.\nview transaction list\njournal entry worksheet\nrecord the admission of kwon with an investment of $32,800.\nnote: enter debits before credits.\ntransaction general journal debit credit\n1
Answer
Explanation:
Step1: Identify the accounts affected
When Kwon invests cash into the partnership, the cash account increases (debit) and Kwon's capital account is created and increases (credit).
Step2: Determine the amounts
The amount of cash invested is $32,800, and this is also the amount credited to Kwon's capital account.
Answer:
| Transaction | General Journal | Debit | Credit |
|---|---|---|---|
| 1 | Cash | $32,800 | |
| Kwon, Capital | $32,800 |