9. Alana Adams and Bertha Baxter are equal partners in the AB Partnership. On July...
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9. Alana Adams and Bertha Baxter are equal partners in the AB Partnership. On July 1st, the AB Partnership admitted Cate Carter. Cate contributed $50,000 in exchange for a one third interest in the partnership. At the time Cate was admitted Alana had a balance of $80,000 in her capital account. Bertha had a balance of $100,000 in her capital account. Required: Prepare the Journal Entry for Cate Carters admittance to the AB partnership.10. The EF Partnership has two equal partners Elliot Edwards and Fern Foster.
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