8.Renee Ross and Sally Smith are equal partners in the RS Partnership. On July 1st,...
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8.Renee Ross and Sally Smith are equal partners in the RS Partnership. On July 1st, The RS Partnership admitted Tara Trent. Tara Trent contributed $150,000 in exchange for a one-third interest in the RS Partnership. At the time Tara was admitted to the partnership, Renee had a $100,000 balance in her capital account. Sally had a $70,000 balance in her capital Required: Prepare the Journal entry for Tara Trents admittance to the RS partnership.
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