On June 17, 2014, Bishop agrees to invest $30,000 into a partnership for a 40% interest in

Question:

On June 17, 2014, Bishop agrees to invest $30,000 into a for a 40% interest in total equity. At the time Bishop is admitted, the existing partners, Pollard and Mission, each have a $30,000 capital balance. Prepare the entry on June 17 to record Bishop’s admission to the Any bonus is to be shared equally by Pollard and Mission.

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...