Suppose on March 12, 2023, Kate agrees to pay Ramos and Bailey $12,000 each for a one-third

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Suppose on March 12, 2023, Kate agrees to pay Ramos and Bailey $12,000 each for a one-third interest in the existing Ramos–Bailey partnership. At the time Kate is admitted, each partner has a $30,000 capital balance. Prepare the journal entry to record Kate’s purchase of the partners’ interest. Note: Kate is paying Ramos and Bailey; she is not paying the partnership.

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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