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01-05-2024
Business

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For a $15,000 investment, Sharon purchased a 20% interest in a partnership. Which of the following journal entries records the admission of Sharon into the partnership? Assume the investment cost equals the new partner's proportion of the partnership's book value.
a. Debit Cash for $15,000; Credit Sharon, Capital for $15,000
b. Debit Drawings for $15,000; Credit Partners Capital for $15,000
c. Debit Cash for $15,000; Credit Partners Capital for $15,000
d. Debit Drawings for $15,000; Credit Cash for $15,000

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