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Jackson wants to join the Amazing Brothers Partnership. The current partners are Johnson with a capital balance of $104,000 and Silvers with a capital balance
Jackson wants to join the Amazing Brothers Partnership. The current partners are Johnson with a capital balance of $104,000 and Silvers with a capital balance of $47,000. The partnership has agreed to Jackson joining by purchasing 20% of Johnson's interest. The journal entry would be: WEER OA. Johnson, Capital is debited for $20,800 and Jackson, Capital is credited for $20,800. OB. Cash is debited for $20,800 and Jackson, Capital is credited for $20,800. OC. Cash is debited for $20,800 and Johnson, Capital is credited for $20,800. OD. Jackson, Capital is debited for $20,800 and Johnson, Capital is credited for $20,800
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