A personal debt of $10,000 in the T & H partnership is paid by Partner H.The correct entry to pay this debt would be:
A) Debit to Partners T & H capital accounts for $10,000
B) Debit to Partner H capital for $10,000
C) Debit to partner T capital for $5,000, Debit to partner H capital for $5,000
D) Debit to Partner H drawing for $10,000
E) None of the above
Correct Answer:
Verified
Q23: J & K are forming a partnership.J
Q24: O & P form a partnership on
Q25: Record the entry for the partnership of
Q26: T & U form a partnership with
Q27: L & S have invested $80,000 and
Q29: Partners A and B have a profit
Q30: An LLC is a hybrid type of
Q31: Partners G have withdrawn $65,000 and partner
Q32: D & E.share profits and loss in
Q33: S & T form a partnership with
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents