Lily yuan and kayla dunn are partners who share in the, Ask an Expert

Accounting

Lily Yuan and Kayla Dunn are partners who share in the income equally and have capital balances of $180,000 and $62,500, respectively. Yuan, with the consent of Dunn, sells one-third of her interest to Rachel Burnett.

a. What entry is required by the partnership if the sales price is $40,000?

b. What entry is required by the partnership if the sales price is $80,000?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9980354

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