A partner in the partnership called Sturm Company purchased a new yacht with his own funds.Sturm Company would:
A)debit an asset account.
B)credit a revenue account.
C)credit a liability account.
D)not record the transaction in their books.

Question

Quizplus · Accepted Answer

The purchase of a yacht by a partner with personal funds is not related to the partnership's business activities, so it should not be recorded in the partnership's books.

A Partner in the Partnership Called Sturm Company Purchased a New