Entry to record the admission of james to the partnership

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Reference no: EM13788017

Jordan and O'Neil allow James to purchase a 20% interest in their partnership for $60,000 cash. James has marketing skills needed by the partnership. Jordan's current capital balance is $40,000 and O'Neils is $35,000. The partners agree to share income and loss equally. Prepare the entry to record the admission of James to the partnership

Reference no: EM13788017

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