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Agatha Addams and Bryce Butler are 50%-50%, partners in the A & B partnership. They admit Carson Crane as an equal partner on July 15th.
Agatha Addams and Bryce Butler are 50%-50%, partners in the A & B partnership. They admit Carson Crane as an equal partner on July 15th. Carson pays $200,000 for her one-third interest in the partnership.
At the time Carson is admitted, Agatha has a capital account of $130,000 and Bryce has a capital account balance of $150,000.
Required: Prepare the adjusting journal entry to admit Carson into the partnership.
At the time Carson is admitted, Agatha has a capital account of $130,000 and Bryce has a capital account balance of $150,000.
Required: Prepare the adjusting journal entry to admit Carson into the partnership.
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Financial Accounting
Authors: Belverd E. Needles, Marian Powers
11th edition
1133769314, 053847601X, 9781133715023, 978-1133769316, 1133715028, 978-0538476010
