A partnership recorded the following journal entry: This entry reflects:
A) Acceptance of a new partner who invests $70,000 and receives a $20,000 bonus.
B) Withdrawal of a partner who pays a $10,000 bonus to each of the other partners.
C) Addition of a partner who pays a bonus to each of the other partners.
D) Additional investment into the partnership by Tanner and Jackson.
E) Withdrawal of $10,000 each by Tanner and Jackson upon the admission of a new partner.

Question

A partnership recorded the following journal entry:  This entry reflects:
A) Acceptance of a new partner who invests $70,000 and receives a $20,000 bonus. 
B) Withdrawal of a partner who pays a $10,000 bonus to each of the other partners. 
C) Addition of a partner who pays a bonus to each of the other partners. 
D) Additional investment into the partnership by Tanner and Jackson. 
E) Withdrawal of $10,000 each by Tanner and Jackson upon the admission of a new partner.

Quizplus · Accepted Answer

The Answer of A partnership recorded the following journal entry:  This entry reflects:
A) Acceptance of a new partner who invests $70,000 and receives a $20,000 bonus. 
B) Withdrawal of a partner who pays a $10,000 bonus to each of the other partners. 
C) Addition of a partner who pays a bonus to each of the other partners. 
D) Additional investment into the partnership by Tanner and Jackson. 
E) Withdrawal of $10,000 each by Tanner and Jackson upon the admission of a new partner.

A Partnership Recorded the Following Journal Entry: This Entry