My orders
How it works
Examples
Reviews
Blog
Homework Answers
Submit
Sign in
How it works
Examples
Reviews
Homework answers
Blog
Contact us
Submit
Fill in the order form to get the price
Subject
Select Subject
Programming & Computer Science
Math
Engineering
Economics
Physics
Other
Category
Microeconomics
Finance
Accounting
Macroeconomics
Economics of Enterprise
Other
Deadline
Timezone:
Title
*
Task
*
Lang, Morris and Chen are partners with capital balances as follows: Lang, $306,000; Morris, $102,000; and Chen, $204,000. The partners share profits and losses in a 1:2:1 ratio. LeBlanc is admitted to the partnership with a 20% equity. Required:Prepare journal entries to record the entry of LeBlanc under each of the following unrelated assumptions (Show all calculations): a. LeBlanc invests $153,000 cash. (2 marks) b. LeBlanc invests $108,000 cash. (4 marks) c. LeBlanc invests $246,000 (4 marks) d. Partnership profit for the year following LeBlanc’s admission to the partnership is $300,000. Prepare the journal entry to close the Income Summary account to the partners’ capital accounts. (4 marks)
I need basic explanations
Special Requirements
Upload files (if required)
Drop files here to upload
Add files...
Account info
Already have an account?
Create an account
Name
*
E-mail
*
Password
*
The password must be at least 6 characters.
I agree with
terms & conditions
Create account & Place an order
Please fix the following input errors:
dummy
