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In Carla Vista partnership, capital balances are Joseph $ 3 8 , 4 0 0 and Jack $ 4 8 , 0 0 0 .

In Carla Vista partnership, capital balances are Joseph $38,400 and Jack $48,000. The partners share income equally. Paul is admitted to the firm with a 45% interest by an investment of cash of $55,680. Journalize the admission of Paul. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles
Debit
Credit
Oct. 1
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