9. Alana Adams and Bertha Baxter are equal partners in the AB Partnership. On July 1st, the AB Partnership admittted Cate Carter. Cate contributed $50,000 in exchange for a one third interest in the partnership.At the time Cate was admitted Alana had a balance of $80,000 in her capital account. Bertha had a balance of $100,000 in her capital account. Required: Prepare the Journal Entry for Cate Carters admittance to the AB partnership.10. The EF Partnership has two equal partners Elliot Edwards and Fern Foster.

10. The EF Partnership Liquidated On August 1st. At the time of Liquidation the balances in The EF accounts were as follows:

Assets $400,000

Liabilities $100,000

Eliot Edwards Capital $200,000

Fern Foster Capital $100,000

The assets were sold for $300,000.

Required: Prepare the journal entries for the liquidation of

EF Partnership