Alpha Co. capital balances are: Ace $30,000, Bly $25,000, and Cox $20,000. The partners share income equally.

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Alpha Co. capital balances are: Ace $30,000, Bly $25,000, and Cox $20,000. The partners share income equally. Day is admitted to the firm by purchasing one-half of Cox’s interest for $13,000. Journalize the admission of Day to the partnership.

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 13, 2011 08:47 AM

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Alpha Co. capital balances are: Ace $30,000, Bly $25,000, and Cox $20,000. The partners share income equally.

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Accounting Principles

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