Question 9 1 pts In a personal transaction, an existing partner receives $50,000 in cash...
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Accounting
Question 9 1 pts In a personal transaction, an existing partner receives $50,000 in cash from a new partner. The existing partner gives the new partner a 10% ownership of the partnership. To record the value of cash the existing partner received, the business should record the following journal entry: Dr Capital - New Partner 50,000 Cr Cash 50,000 O No journal entry is required for a private cash transaction. Dr Existing Partner Capital 50,000 Cr New Partner Capital 50,000 Dr Cash 50,000 Cr Capital - New Partner 50,000
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