Need HW help please! The other titles are: Jamar, Capital or Cash or Income Summ

Question

Need HW help please! The other titles are: Jamar, Capital or Cash or Income Summary or Parsons, Capital.

The debit title is not Cash and the Credit title is not Income summary.

Question 20 Your answer is partially correct. Try again. Jill Parsons purchases for $72,000 Jamar's interest in the Tholen-Jamar partnership. Assuming that Jamar has a $68,000 capital balance in the partnership, what journal entry is made by the partnership to record this transaction? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cash 72000 Income Summary 140000

Explanation / Answer

Solution:

Journal Entries - Tholen Jamar Partnership Particulars Debit Credit Jamar, Capital Dr $68,000.00          To Parsons Capital $68,000.00 (Being partnership interest of Jamar purchased by Parsons)

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