QS $12-9($Algo$)$ Partner admission through purchase of interest LO P$3$

Stein agrees to pay Choi and Amal $$7,100$ each for a one$-$third $(\frac{331}{3}\%)$ interest in the Choi and Amal partnership. Immediately prior to Stein's admission, each partner had a $$21,300$ capital balance.

Prepare the journal entry to record Stein's purchase of the partners' interest.

Journal entry worksheet

A

Record Stein's purchase of one$-$third interest by paying Choi and Amal's $$7,100$ each.

Note: Fnter dehits hefore rredits