James Thomas paid $14,000 to Paul Torres for one-half of his interest in the partnership...
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Accounting
James Thomas paid $14,000 to Paul Torres for one-half of his interest in the partnership of Thomas and Torres. Torres's capital account balance prior to the purchase was $100,000. What is the entry required in the partnership's accounts to record this transaction? A. debit Paul Torres, Capital for $14,000; credit James Thomas, Capital for $14,000. B. debit Paul Torres, Capital for $50,000; credit James Thomas, Capital for $50,000. C. debit Paul Torres, Capital for $100,000; credit James Thomas, Capital for $100,000. D. no entry is necessary the transaction is between Torres and Thomas
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