On April 21, 2014, Wilson agrees to invest $30,000 into a partnership for a 20% interest in
Question:
On April 21, 2014, Wilson agrees to invest $30,000 into a partnership for a 20% interest in total partnership equity. At the time Wilson is admitted, the existing partners, Beacon and Metcalf, each have a $30,000 capital balance. Prepare the entry on April 21 to record Wilson’s admission to the partnership. Any bonus is to be shared equally by Beacon and Metcalf.
Partnership A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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