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1. The capital accounts of Brad Hughes and Mitchell Isaacs have balances of $120,000 and $100,000, respectively. Leah Craft and Jayme Clark are to be admitted to the partnership. Craft buys one-fifth of Hughes's interest for $30,000 and one-fourth of Isaacs' interest for $20,000. Clark contributes $50,000 cash to the partnership, for which she is to receive an ownership equity of $50,000.
(a) Journalize the entries to record the admission of
(1) Craft and
(2) Clark.
(b) What are the capital balances of each partner after the admission of the new partners?
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the following list in alphabetical order shows the various items that regularly appear on the financial statements of
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question 3 suggested time 15 minutes 15 pointsthe following information is available for flip companybeginning
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What amount of Bad Debt Expense would the company record as an end-of-period adjustment?
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