In the journal provided,prepare the entries for the transactions described below.(Omit explanations.)
Definitions:
Tort Committed
An act or omission that gives rise to injury or harm to another, resulting in legal liability.
Debts or Claims
Obligations owed by one party to another, which may be subject to repayment or compensation.
Admission of a New Partner
A business procedure that involves integrating a new partner into an existing partnership, often requiring adjustments in capital and profit-sharing ratios.
Capital Contributions
Financial or property assets contributed by owners or partners to a company or partnership to maintain or increase its capital.
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