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(Solved): J. Gladwin has a capital balance of \( \$ 106,000 \) and R. Selleck has a capital balance of \( \$ ...
J. Gladwin has a capital balance of \( \$ 106,000 \) and R. Selleck has a capital balance of \( \$ 94,000 \) in their partnership as of September 30 . On October 1. Gladwin sells one-half of her partnership interest to R. Dennis for \( \$ 60,000 \) cash. Selleck agrees to accept Dennis as a new partner. Prepore the October 1 journal entry for the partnership.
J. Arthur has a capital balance of \( \$ 80,000 \) and E. Joseph has a capital balance of \( \$ 100,000 \) in their partnership as of June 30 . On July 1 , the two partners agree to accept M. Alice as a partner in exchange for an investment of \( \$ 20,000 \). Prepare the July 1 journal entry for the partnership.