Yes you can have purchased items from more then one iTunes account on your itunes library but you need to authorise the computer for each account (counts as one of the 5 allowed). They should sync no problem once it is authorised. However it is a bit of a bodge as getting App updates can fail. See http://www.everythingicafe.com/quick-guide-one-iphone-multiple-itunes-accounts/2010/03/25/
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