Susan Wang and Lelah Burch are partners in an existing business. Each partner has $60,000.00 equity in the partnership. Partners share equally in all changes in equity. On April 1 of the current year, the two partners agree to admit Daryl Wetzel as a partner with a one-third share of the total equity.

Instructions:
Journalize the transaction using page 13 of a cash receipts journal.

Transcribed Image Text:

Transaction: Apr. 1. Received cash from new partner, Daryl Wetzel, for a one-third equity in the business, $60,000.00. R95.