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H Crosby and Malkin sell to Staal a 1/3 interest in the Crosby-Malkin partnership. Staal will pay Crosby and Malkin each personally, $60,000 for admission
H Crosby and Malkin sell to Staal a 1/3 interest in the Crosby-Malkin partnership. Staal will pay Crosby and Malkin each personally, $60,000 for admission into the partnership. Before this transaction, Crosby and Malkin show capital balances of $45,000 each. The journal entry to record the admission of Staal will a show a debit to Cash of $120,000. b not show a debit to Cash. c show a debit to Malkin, Capital for $60,000. d show a credit to Staal, Capital for $120,000
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