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Abby, Bernie, and Conner own a firm as partners. Abby has a capital balance of $28,200; Bernie has a capital balance of $44,700; and Conner has a capital balance of $39,200. As per the partnership agreement, partners share in profits equally. Abby decides to retire from the partnership receiving cash and no bonus. The journal entry would be: OA. debit Cash $37,367, and credit Abby Capital for $37,367 B. debit Abby Capital for $28,200 and credit Cash for $28,200 OC. debit Cash $28,200 and credit Abby, Capital $28,200 O D. debit Abby Capital for $37,367 and credit Cash for $37,367

Abby, Bernie, and Conner own a firm as partners. Abby has a capital balance of $28,200; Bernie has a capital balance of $44,700; and Conner has a capital balance of $39,200. As per the partnership agreement, partners share in profits equally. Abby decides to retire from the partnership receiving cash and no bonus. The journal entry would be: OA. debit Cash $37,367, and credit Abby Capital for $37,367 B. debit Abby Capital for $28,200 and credit Cash for $28,200 OC. debit Cash $28,200 and credit Abby, Capital $28,200 O D. debit Abby Capital for $37,367 and credit Cash for $37,367

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Abby, Bernie, and Conner own a firm as partners. Abby has a capital balance of $28,200; Bernie has a capital balance of $44,700; and Conner has a capital balance of $39,200. As per the partnership agreement, partners share in profits equally. Abby decides to retire from the partnership receiving cash and no bonus. The journal entry would be: OA. debit Cash $37,367, and credit Abby Capital for $37,367 OB. debit Abby Capital for $28,200 and credit Cash for $28,200 O C. debit Cash $28,200 and credit Abby, Capital $28,200 O D. debit Abby Capital for $37,367 and credit Cash for $37,367
Transcribed Image Text:Abby, Bernie, and Conner own a firm as partners. Abby has a capital balance of $28,200; Bernie has a capital balance of $44,700; and Conner has a capital balance of $39,200. As per the partnership agreement, partners share in profits equally. Abby decides to retire from the partnership receiving cash and no bonus. The journal entry would be: OA. debit Cash $37,367, and credit Abby Capital for $37,367 OB. debit Abby Capital for $28,200 and credit Cash for $28,200 O C. debit Cash $28,200 and credit Abby, Capital $28,200 O D. debit Abby Capital for $37,367 and credit Cash for $37,367
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