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Prepare general journal entries to record the entry

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Question - Conway, Kip, and Zack are partners of Force, a local cross-fit training facility with capital balances as follows: Conway, $367,200; Kip, $122,400; and Zack $244,800. The partners share profit and losses in a 1:2:1 ratio. Young is admitted to the partnership on November 30 with a 20% equity. Prepare general journal entries to record the entry of Young under each of the following unrelated assumptions:

a. Young invests $183,600

b. Young invests $129,600

c. Young invests $295,200

Reference no: EM132921079

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