In the AD partnership, Allen's capital is $140,000, and Daniel's is $40,000, and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. Each of the following questions is independent of the others. Refer to the information provided above. Assume that David invests $50,000 for a one-fourth interest. Goodwill is to be recorded. The journal to record David's admission into the partnership will include: Multiple Choice a credit to cash for $50,000. a debit to goodwill for $7,500. a credit to David, Capital for $60,000. a credit to David, Capital for $50,000.-- WRONG ANSWER

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.