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Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615 Exercise 3
Admitting new partners
Hope Abrams and Crystal Santori are partners who share in the income equally and have capital balances of $180,000 and $62,500, respectively. Abrams, with the consent of Santori, sells one-third of her interest to David Cruz. What entry is required by the partnership if the sales price is (a) $60,000 (b) $80,000
Hope Abrams and Crystal Santori are partners who share in the income equally and have capital balances of $180,000 and $62,500, respectively. Abrams, with the consent of Santori, sells one-third of her interest to David Cruz. What entry is required by the partnership if the sales price is (a) $60,000 (b) $80,000
Explanation
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(a) To prepare the journal entry require...
Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
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