1. What entry is necessary to reflect interest payable on partner's drawings? a. Partner's Current (Dr.), Profit and Loss Appropriation (Cr.) b. Profit and Loss Appropriation (Dr.), Partner's Current (Cr.) c. Profit and Loss Appropriation (Dr.), Cash (Cr.) d. Profit and Loss Appropriation (Dr.), Partner's Capital (Cr.) 2. What entry is necessary to reflect interest earned on capital account balances? a. Partner's Drawings (Dr.), Partner's Current (Cr.) b. Profit and Loss Appropriation (Dr.), Partner's Drawings (Cr.) c. Partner's Drawings (Dr.), Interest Payable (Cr.) d. Partner's Current (Dr.), Profit and Loss Appropriation (Cr.) 3. A partner's personal gas receipts have been treated as part of the partnership's service vehicle expenses. Which of the following entries is necessary to correct the error? a. Drawings (Dr.), Service vehicle expense (Cr.) b. Service vehicle expense (Dr.), Drawings (Cr.) c. Service vehicle expense (Dr.), Capital (Cr.) d. Capital (Dr.), Service vehicle expense (Cr.)
1. What entry is necessary to reflect interest payable on partner's drawings?
a. Partner's Current (Dr.),
b. Profit and Loss Appropriation (Dr.), Partner's Current (Cr.)
c. Profit and Loss Appropriation (Dr.), Cash (Cr.)
d. Profit and Loss Appropriation (Dr.), Partner's Capital (Cr.)
2. What entry is necessary to reflect interest earned on capital account balances?
a. Partner's Drawings (Dr.), Partner's Current (Cr.)
b. Profit and Loss Appropriation (Dr.), Partner's Drawings (Cr.)
c. Partner's Drawings (Dr.), Interest Payable (Cr.)
d. Partner's Current (Dr.), Profit and Loss Appropriation (Cr.)
3. A partner's personal gas receipts have been treated as part of the
a. Drawings (Dr.), Service vehicle expense (Cr.)
b. Service vehicle expense (Dr.), Drawings (Cr.)
c. Service vehicle expense (Dr.), Capital (Cr.)
d. Capital (Dr.), Service vehicle expense (Cr.)
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