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In the partnership of Marwan and Sami, Marwan's capital balance is $60,000 and Sami's capital balance is $90,000. Marwan sold 40% of his partnership interest
In the partnership of Marwan and Sami, Marwan's capital balance is $60,000 and Sami's capital balance is $90,000. Marwan sold 40% of his partnership interest to Norton, who paid $20,000 for the 40% interest. The journal entry on the partnership books related to this transaction would include:
Select one:
a. a debit to Cash for $20,000
b. a debit to Marwan, Capital for $24,000
c. a debit to Cash for $24,000
d. a debit to Marwan, Capital for $20,000
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