The partners in the Biz Partnership have agreed that partner Mona may sell her $90,000 equity in the partnership to Seal, for which Seal will pay Mona $75,000 Present the partnerships journal entry to record the sale of Monas interest to Seal on September 30 ...

The partners in the Biz Partnership have agreed that partner Mona may sell her $90,000 equity in

Question:

The partners in the Biz have agreed that partner Mona may sell her $90,000 equity in the to Seal, for which Seal will pay Mona $75,000. Present the partnership’s journal entry to record the sale of Mona’s interest to Seal on September 30.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...