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The capital accounts of Jonathan Faber and Faheem Ahmad have balances of $150,000 and $110,000, respectively. Lauren Wells and Rachel Lee are to be admitted to the partnership. Wells buys 20% of Faber's interest for $35,000 and 25% of Ahmad's interest $25,000. Lee contributes $70,000 cash to the partnership, for which she is to receive an ownership equity of $70,000.

A. Journalize the entries to record the admission of Wells and Lee.

B. What are the capital balances of each partner after the admission of the new partners?

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  • Reference No.:- M944004

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