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Journalize the admission of dutton on june

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Question - In ABC Co., the capital balances of the partners are A. Ali $30,000; S. Babson $25,000; and K. Carter $22,000. The partners share income equally. On June 9 of the current year, D. Dutton is admitted to the partnership by purchasing one-half of K. Carter's interest for $13,000.

(a) Journalize the admission of Dutton on June 9.

(b) How would the entry change if Dutton paid $10,000 instead of $13,000 to be admitted to the partnership?

Reference no: EM133186201

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