Admission of a New Partner: David Breck has a capital balance of $20,000 and he sells one half of his partnership interest to Cris Davis for $18,000 on January 4th, 2003. Breck is selling a $10,000 recorded interest in the partnership. Write the journal entry for this transaction. Admission of a new partner : David Breck decides that he would like to remain in the business, and instead Cris Davis invests $18,000 cash in the business. Record the journal entry for this transaction.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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  1. Admission of a New Partner: David Breck has a capital balance of $20,000 and he sells one half of his partnership interest to Cris Davis for $18,000 on January 4th, 2003. Breck is selling a $10,000 recorded interest in the partnership. Write the journal entry for this transaction.
  2. Admission of a new partner : David Breck decides that he would like to remain in the business, and instead Cris Davis invests $18,000 cash in the business. Record the journal entry for this transaction.  
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