Stanley Neal and Helen Jobe each have equity of $40,000.00 in an existing partnership. The partners share
Question:
Stanley Neal and Helen Jobe each have equity of $40,000.00 in an existing partnership. The partners share equally in all changes in equity. On August 1 of the current year, the existing partners agree to admit Greg Talbot with a one-third share of the total equity.
Instructions:
Journalize the transaction using page 14 of a cash receipts journal and page 7 of a general journal.
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