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On August 10, after the business had been in operation for several years, Patricia Weber passed away. Mr. Weber wished to sell his wife’s interest for $30,000. After the books were closed, the partners’ capital accounts had credit balances as follows:
REQUIRED
1. Prepare the general
2. Assume instead that Mr. Weber is paid $60,000 for the book value of Patricia Weber’s capital account. Prepare the necessary journal entry.
3. Assume instead that Julie Stickel (with the consent of the remaining partners) purchased Weber’s interest for $70,000 and gave Mr. Weber a personal check for that amount. Prepare the general journal entry for the partnership only.
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Chapter 19 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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