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majestico majestico
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7 years ago
The Brad and Marcia partnership agree to admit Fred with a one-third interest for $10,000. Brad and Marcia's capital balances are $12,000, and $8,000, respectively, and they share profits and losses equally. The entry to admit Fred would include:
A) debit Cash $10,000; credit Fred, Capital $10,000.
B) debit Cash $10,000; credit Brad, Capital $5,000; credit Marcia Capital $5,000.
C) debit Cash $10,000; debit Brad, Capital $2,500; credit Marcia, Capital $2,500; credit Fred, Capital $10,000.
D) debit Cash $10,000; credit Brad, Capital $2500; debit Marcia, Capital $2500; credit Fred, Capital $5,000.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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LaffioLaffio
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7 years ago
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