Homework answers / question archive / The Prince-Robbins partnership has the failowing capital account balances on January 1, 2015: Prince, Capital Robbins, Capital $120,000 110,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances On January 2, 2015, Jeffrey invests $67,000 cash for a 20 percent interest in the partnership

The Prince-Robbins partnership has the failowing capital account balances on January 1, 2015: Prince, Capital Robbins, Capital $120,000 110,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances On January 2, 2015, Jeffrey invests $67,000 cash for a 20 percent interest in the partnership

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The Prince-Robbins partnership has the failowing capital account balances on January 1, 2015: Prince, Capital Robbins, Capital $120,000 110,000 Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances On January 2, 2015, Jeffrey invests $67,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 10 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50%), Robbins (30%), and Jeffrey (20%). in 2015, the partnership reports a net income of $25,000 a. Prepare the joumal entry to record Jeffrey entrance into the partnership on January 2, 2015. (If no entry is required for a transaction event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet