Lemon and Parks Are Partners

question 37

Essay

Lemon and Parks are partners. On October 1, Lemon's capital balance is $75,000, and Parks' capital balance is $125,000. With the partnership's approval, Parks sells ½ of his partnership interest to Tambling for $70,000. Prepare the journal entry to record this transaction in the partnership records.

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Definitions:

Visual Aids

Items like charts, graphs, or images used to support or enhance the communication of information.

Main Points

The primary or most important ideas, arguments, or pieces of information presented in a discussion, presentation, or piece of writing.

Positive Note

Ending a communication or situation on an optimistic or hopeful tone, aiming to leave a good impression or maintain morale.

Outline

A general plan or summary of a written work or presentation, highlighting its main points and structure.