the capital accounts of trent henry and paul chavez have balances of 140 000 and 90 4375052

The capital accounts of Trent Henry and Paul Chavez have balances of $140,000 and $90,000, respectively. LeAnne Gilbert and Jen Faber are to be admitted to the partnership. Gilbert buys one-fifth of Henry’s interest for $30,000 and one-fourth of Chavez’s interest for $20,000. Faber contributes $75,000 cash to the partnership, for which she is to receive ownership equity of $75,000. a. Journalize the entries to record the admission of (1) Gilbert and (2) Faber. b. What are the capital balances of each partner after the admission of the new partners? View Solution:
The capital accounts of Trent Henry and Paul Chavez have

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