In the EZ Co., the capital balances of the partners are J. Edie $48,000 and K. Zane

Question:

In the EZ Co., the capital balances of the partners are J. Edie $48,000 and K. Zane $32,000. The partners share profit in a 5:3 ratio, respectively. On October 1 of the current year, when she invests $40,000 cash in the J. Kerns is admitted to the with a 40% interest.
(a) Journalize the admission of Kerns on October 1.
(b) What would the journal entry be if Kerns had paid $60,000 for a 40% interest in the 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...