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Nwoko and Hoong are partners who share profits and losses equally. Their capital account balances are $98,000 and $67,000, respectively. Garcia is admitted to the
Nwoko and Hoong are partners who share profits and losses equally. Their capital account balances are $98,000 and $67,000, respectively. Garcia is admitted to the partnership and is given a 30% interest by investing $65,000. What would the journal entry to admit Garcia include
a credit to Garcia, Capital for 65,000
credit to Cash for 65,000
debit to Garcia, Capital for 69,000
debit to Nwoko, Capital for 2,000
credit to Hoong, Capital for 2,000
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