Question
Carlos, Bradley, and Dawson are partners in CBD partnership. Ellen is to be admitted to the partnership with a 20% interest in the business. The
Carlos, Bradley, and Dawson are partners in CBD partnership. Ellen is to be admitted to the partnership with a 20% interest in the business. The new name of the partnership is CBDE Partnership.
Capital Profit Loss Balance Ratio Carlos $ 170,000 4:2:2 Bradley $ 150,000 Dawson $ 80,000
Ellen invests $120,000. Total capital to be $520,000, the partners use the bonus method. REQUIRED: Record the journal entry to add Ellen to the partnership.
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
