Mary sold Jill her equity in the Mary and Jill partnership for $31,000. If both Mary and Jill had a $16,000 capital balance, the entry to record this transaction would be to:
A) debit Cash $31,000; credit Jill, Capital $31,000.
B) debit Mary, Capital $16,000; credit Jill, Capital $16,000.
C) debit Cash $16,000; credit Mary, Capital $16,000.
D) debit Jill, Capital $16,000; credit Mary, Capital $16,000.
Correct Answer:
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