Keith and Jim are partners. Keith has a capital balance of $50,000 and Jim has a capital balance of $35,000. Jim sells $15,000 of his ownership to Bill. Which of the following is true of the journal entry to admit Bill?
A) Bill, Capital will be debited for $20,000.
B) Jim, Capital will be debited for $20,000.
C) Jim, Capital will be credited for $15,000.
D) Bill, Capital will be credited for $15,000.
Correct Answer:
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