Question
Crystal and Nancy have partnership capital balances of $350,000 and $325,000, respectively. Nancy negotiates to sell her partnership interest to Jessica for $395,000. Crystal agrees
Crystal and Nancy have partnership capital balances of $350,000 and $325,000, respectively. Nancy negotiates to sell her partnership interest to Jessica for $395,000. Crystal agrees to accept Jessica as a new partner.
Prepare the partnership journal entry to record this transaction.
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Principles Of Cost Accounting
Authors: Robert E. Schmiedicke, Edward J. Vanderbeck
11th Edition
0538873426, 978-0538873420
