J. Gladwin has a capital balance of $106,000 and R. Selleck has a capital balance of $94,000 in their partnership as of September 30. On October 1, Gladwin sells one-half of her partnership interest to R. Dennis for $60,000 cash. Selleck agrees to accept Dennis as a new partner. Prepare the October 1 journal entry for the partnership. 2 of 2 0127.02 Knowledge Check 01 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. View transaction list