a)With the consent of the other partners, Parker decides to sell one half of his $30,000 interest in the ABC Partnership to Lopez privately for $14,000.Prepare the journal entry to record the transaction.

b)Mung and Long allow Kang to join their partnership for a $50,000 cash investment. The recorded value of the partnership equity being purchased by Kang is $40,000. Assume the partners have no agreement for sharing profits and losses. Prepare the journal entry to record the admission of Kang to the partnership.

a)

Date

Accounts

Debit

Credit

b)

Date

Accounts

Debit

Credit