Pound has $ 44 comma 000 capital and Flores has $ 26 comma 000 capital in the Pound & Flores partnership. Pound and Flores share profits and losses equally. Ritter Reese contributes cash of $ 36 comma 000 to acquire a 15% interest in the new partnership. Journalize the partnership's receipt of the $ 36 comma 000 from Reese. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Answer rating: 100% (QA)

Certainly Heres the journal entry for the partnerships receipt of the 3... View the full answer