The partners in the Majesty partnership have agreed that partner Prince may sell his $150,000 equity in the partnership to Queen, forwhich Queen will pay Prince $120,000. Present the partnership's journal entry to record the sale on April 30.View transaction listJournal entry worksheet1>Record the admission of Queen.Note: Enter debits before credits.DateGeneral JournalDebitCreditApr 30Record entryClear entryView general journal

Partnership is considered as an agreement between two or more partners, where partners are comes…

The partners in the Majesty partnership have agreed that partner Prince may sell his $150,000 equity in the partnership to Queen, for which Queen will pay Prince $120,000. Present the partnership's journal entry to record the sale on April 30.

The partners in the Majesty partnership have agreed that partner Prince may sell his $150,000 equity in the partnership to Queen, for which Queen will pay Prince $120,000. Present the partnership's journal entry to record the sale on April 30.

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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