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