Mary sold Jill her equity in the Mary and Jill partnership for $13,000.If both Mary and Jill had a $10,000 capital balance,the entry to record this transaction would be to:
A) debit Cash $13,000; credit Jill,Capital $13,000.
B) debit Mary,Capital $10,000; credit Jill,Capital $10,000.
C) debit Cash $13,000; credit Mary,Capital $13,000.
D) debit Jill,Capital $10,000; credit Mary,Capital $10,000.
Correct Answer:
Verified
Q46: A cash withdrawal of a partner was
Q60: Kate and Joe formed a partnership in
Q61: When recording a bonus to a new
Q62: A statement of partner's equity is the
Q64: Janie and Larry are partners,with beginning capital
Q67: When a partnership is worth more than
Q69: Partners Brian,Josh,and Chad have average capital balances
Q70: A bonus is paid to the old
Q78: Partnerships are subject to federal income tax.
Q91: A bonus paid by an incoming partner
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents