J. Gladwin has a capital balance of $106,000 and R. Selleck has a capital balance of $94,000 in their partnership as of September 30. On October 1, Gladwin sells one-half of her partnership interest to R. Dennis for $60,000 cash. Selleck agrees to accept Dennis as a new partner. Prepare the October 1 journal entry for the partnership.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “J. Gladwin has a capital balance of $106,000 and R. Selleck has a capital balance of $94,000 in their partnership as of September 30. On ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
How is security handled in the free market system?
Answers (1)
On November 1, Sanddel Corporation accepted a 3 month note receivable for services provided. The terms of the note were $8,000 face value with 6% interest. Sanddel Corporation closes its books on December 31.
Answers (1)
Do you believe that employees are more attracted and committed to ethical organizations? Are you? Why or why not?
Answers (2)
The most important consideration when naming your business is a.) finding a catchy name. b.) using a name that is not already in use by someone else. c.) including your own name in the name of the business. d.
Answers (1)
If the steel industry argues for tariff protection by saying that steel is necessary to build military vehicles, it is using the:
Answers (1)
New Questions in Business
The balanced scorecard approach uses only financial measures to evaluate performance. uses rather vague, open statements when setting objectives in order to allow managers and employees flexibility.
Answers (1)
In the open economy of Sildavia, government spending during 2005 was $30 billion, consumption was $70 billion, taxes were $20 billion, and GDP was $100 billion.
Answers (1)
Ridiculousness, Inc., has sales of $49,000, costs of $22,600, depreciation expense of $2,150, and interest expense of $1,900. If the tax rate is 21 percent, what is the operating cash flow, or OCF?
Answers (1)
A common measure of liquidity is a. the accounts receivable turnover. b. dividends per share of common stock. c. the asset turnover ratio. d. the profit margin.
Answers (1)
Assume that Amazon has a stock-option plan for top management. Each stock option represents the right to purchase a share of Amazon $1 par value common stock in the future at a price equal to the fair value of the stock at the date of the grant.
Answers (1)