The partnership of Evans and Falconi has these Capital balances: Judy Evans $60,000 Julie Falconi

Question:

The of Evans and Falconi has these Capital balances:
• Judy Evans $60,000
• Julie Falconi $80,000
Joan Gray invests cash of $70,000 to acquire a one-third interest in the Does Gray's investment in the firm provide a bonus to the partners? Show your work.
2. Journalize the partnership's receipt of the $70,000 from Gray.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...