Mung and Long Allow Kang to Join Their Partnership for $50,000

question 67

Essay

Mung and Long allow Kang to join their partnership for $50,000 cash.The recorded value of the equity being purchased is $40,000.Prepare the journal entry to record the admission of Kang to the partnership.Assume the partners have no agreement for sharing profits and losses.

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Definitions:

Trigeminal

Pertaining to the trigeminal nerve, which is the fifth cranial nerve responsible for sensation in the face and motor functions such as biting and chewing.

Trochlear

Pertaining to the fourth cranial nerve (trochlear nerve) which is primarily involved in eye movement.

Vaginal Examination

A medical inspection of the vagina and cervix, often performed to assess the health of the female reproductive system or during labor to evaluate the progress of childbirth.

Patient Position

The arrangement or posture in which a patient is placed for various medical or surgical procedures, to promote comfort, safety, and effective therapeutic outcomes.