Hanna, Max, and Jess have operated a partnership as filmmakers for a number of years. The partnership agreement states that they share profits and losses equally. After allocation of profits at the end of the year, the partners have the following capital account balances:

 

Hanna $45,000

Max 45,000

Jess 30,000

 

To ease their workload, Hanna, Max, and Jess have decided to admit Sam as a 1/3 partner in return for a contribution of $60,000. What is the journal entry to record Sam's admission to the partnership?

Answer rating: 100% (QA)

To record Sams admission to the partnership the following journal entry can be made Sams investment ... View the full answer