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J. Arthur has a capital balance of $80,000 and E. Joseph has a capital balance of $100,000 in their partnership as of June 30. On

J. Arthur has a capital balance of $80,000 and E. Joseph has a capital balance of $100,000 in their partnership as of June 30. On July 1, the two partners agree to accept M. Alice as a partner in exchange for an investment of $20,000. Prepare the July 1 journal entry for the partnership.

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