Arthur Jansky and Edward Thayer are partners, each with $27,000.00 equity in an existing business. The partners
Question:
Arthur Jansky and Edward Thayer are partners, each with $27,000.00 equity in an existing business. The partners share equally in all changes in equity. On March 1 of the current year, Dean McGee is admitted as a new partner with a one-third share of the total equity.
Instructions:
Journalize the transaction using page 5 of a cash receipts journal and page 3 of a general journal.
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