A & B formed a partnership on January 1 Partners A and B withdraw cash of $800 and $1,500, respectively.Drawings in excess of $1,000 are viewed as excessive withdrawals and are charged against capital.What is the logical entry?
A) Debit to Drawing Partner A for $800, Debit to Drawing partner B $1,500
B) Debit to Capital Partner A for $800, Debit to Drawing Partner B for $1,500
C) Debit to Capital Partner A for $800, Debit to Capital Partners B for $1,500
D) Debit to Drawing Partner A for $800, Debit to Capital Partner B for $1,500
Correct Answer:
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