Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 50

Stein agrees to pay Choi and Amal $10,000 each for a one-third (331 3%) interest in the Choi and Amal partnership. Immediately prior to Stein's admission, each partner had a $30,000 capital balance. Make the journal entry to record Stein's purchase of the partners' interest.