Alberts and Bartel Are Partners

question 18

Essay

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

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Definitions:

Percent More

A term used to describe how much one quantity is larger than another as a percentage of the second quantity.

Increased By

A term used to indicate that a quantity is being added to, or grown in value or amount.

Increased By

Refers to the process of adding a certain amount or percentage to an original value, resulting in a higher final amount.

Decrease Of

A reduction or decline in value, number, or amount.