Amy Cardoza, Jeff Williams, and Claire Mangoni are partners in an existing music business. Each partner's equity
Question:
Amy Cardoza, Jeff Williams, and Claire Mangoni are partners in an existing music business. Each partner's equity is \($32,000,\) for a total equity of \($96,000.\) The partners agree to admit Russ Hodges as a partner with a one-fourth interest for a \($24,000\) cash investment. The firm's bookkeeper made the following entry in the partnership's general journal, based on information recorded on R213 and M89.
Instructions:
1. Do you agree with the bookkeeper's entry? Explain your answer.
2. If you disagree, what journal entries would you make?
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