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How do prepare the journal entry to record the transaction

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Problem 1) With the consent of the other partners, Parker decides to sell one half of his $30,000 interest in the ABC Partnership to Lopez privately for $14,000. Prepare the journal entry to record the transaction.

Problem 2) Mung and Long allow Kang to join their partnership for a $50,000 cash investment. The recorded value of the partnership equity being purchased by Kang is $40,000. Assume the partners have no agreement for sharing profits and losses. Prepare the journal entry to record the admission of Kang to the partnership.

Reference no: EM132809882

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