On April 21, 2017, Wilson agrees to invest $30,000 into Quest, a land development partnership in Niagara-on-the-Lake

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On April 21, 2017, Wilson agrees to invest $30,000 into Quest, a land development partnership in Niagara-on-the-Lake 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.

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Related Book For  answer-question

Fundamental Accounting Principles Volume 2

ISBN: 9781259087363

15th Canadian Edition

Authors: Kermit Larson, Heidi Dieckmann

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