Business, 19.10.2019 00:00 Drevei6969

Wallace and simpson formed a partnership with wallace contributing $60,000 and simpson contributing $40,000. their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. wallace sold one-half of his partnership interest to prince for $55,000 when his capital balance was $78,000. the partnership would record the admission of prince into the partnership as:

debit wallace, capital $39,000; debit cash $16,000; credit prince, capital $55,000.

debit wallace, capital $39,000; credit prince, capital $39,000.

debit prince, capital $55,000; credit wallace, capital $55,000.

debit wallace, capital $30,000; credit prince, capital $30,000.

debit wallace, capital $55,000; credit prince, capital $55,000.

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Wallace and simpson formed a partnership with wallace contributing $60,000 and simpson contributing...

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