Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra’s capital is $190,000, Merina’s capital is $152,000, and they share income in a ratio of 3:2, respectively.
P15-11 Part a
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Required:
Record Wayne’s admission for each of the following independent situations:
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a. Wayne directly purchases half of Merina’s investment in the partnership for $97,000. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)
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Journal entry worksheet A Record the purchase of one-half of Merina's investment for $97,000 by Wayne. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal. Get Accounting homework help today
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