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9. Prince has $38,000 capital and Flores has $22,000 capital in the Prince & Flores partnership. Prince and Flores share profits and losses equally, Ritter
9. Prince has $38,000 capital and Flores has $22,000 capital in the Prince & Flores partnership. Prince and Flores share profits and losses equally, Ritter Richmond contributes cash of $20,000 to acquire a 25% interest in the new partnership. Journalize the partnership's receipt of the $25,000 from Richmond. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credi
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