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Jules and Johnson are partners, each with $26,100 in their partnership capital accounts. Kwon is admitted to the partnership by investing $26,100 cash. Prepare the entry to show Kwon's admission to the partnership.

Jules and Johnson are partners, each with $26,100 in their partnership capital accounts. Kwon is admitted to the partnership by investing $26,100 cash. Prepare the entry to show Kwon's admission to the partnership.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jules and Johnson are partners, each with $26,100 in their partnership capital accounts. Kwon is admitted to the partnership by investing $26,100 cash. Prepare the entry to show Kwon's admission to the partnership. View transaction list Journal entry worksheet A Record the admission Kwon with an investment of $26,100. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Jules and Johnson are partners, each with $26,100 in their partnership capital accounts. Kwon is admitted to the partnership by investing $26,100 cash. Prepare the entry to show Kwon's admission to the partnership. View transaction list Journal entry worksheet A Record the admission Kwon with an investment of $26,100. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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