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

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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.

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