Conley and Liu Allow Lepley to Purchase a 25% Interest

question 13

Essay

Conley and Liu allow Lepley to purchase a 25% interest in their partnership for $50,000 cash. Conley and Liu both have capital balances of $55,000 each, and have agreed to share income and loss equally. Prepare the journal entry to record the admission of Lepley to the partnership.

---

Definitions:

Hyperreality

A condition in which the distinction between reality and a simulated version of reality or fiction becomes increasingly blurred.

Ferdinand de Saussure

A Swiss linguist whose theories laid the foundation for many of the significant developments in linguistics in the 20th century, particularly in the field of structuralism.

Semiotics

The study of signs and symbols and their use or interpretation, often used in analyzing language, art, and communications.

Michel Foucault

A French philosopher known for his critical studies of social institutions and his theories on power and knowledge.