Reference no: EM132756437
Problem 1: The partnership of Smith and Jones is admitting Stevens as a partner. Smith and Jones share profits equally. Stevens pays $50,000 to acquire a one-third interest in the business. The correct journal entry to record Stevens' investment in the business includes:
A. Dr. Cash $50,000; Cr. Smith, Capital $25,000 and Jones, Capital $25,000.
B. Dr. Stevens, Capital $50,000; Cr. Cash $50,000.
C. Dr. Cash $50,000; Cr. Stevens, Capital $50,000
D. Dr. Cash $50,000; Cr. Smith, Capital $35,000 and Jones, Capital $15,000.
Problem 2: The partnership of Smith and Jones is admitting Stevens as a partner. Smith and Jones share profits equally. Stevens pays $50,000 to acquire a one-third interest in the business. The correct journal entry to record net income of $90,000 includes:
A. Dr. Income Summary $90,000; Cr. Smith Capital $45,000, Cr. Jones Capital $45,000.
B. Dr. Income Summary $90,000; Cr. Smith Capital $30,000, Cr. Jones Capital $30,000, Cr. Stevens Capital $30,000.
C. Dr. Income Summary $50,000; Cr. Smith Capital $25,000, Cr. Jones Capital $25,000.
D. Dr. Smith Capital $30,000, Dr. Jones Capital $30,000, Dr. Stevens Capital $30,000; Cr. Income summary $90,000.
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