Anthony and Erin start a partnership with capital contributions of $64,300 and $94,800, respectively. Over the course of the year, Anthony withdraws $2,300 from the business in order to meet his pers Which of the following is the correct journal entry to close Anthony's withdrawals account at the end of the year? O Anthony, Withdrawals 2,300 Anthony, Capital O Anthony. Withdrawals Cash O Anthony, Capital Anthony, Withdrawals Cash 2.300 2,300 2.300 2,300 2,300 2,300

Anthony and Erin start a partnership with capital contributions of $64,300 and $94,800, respectively. Over the course of the year, Anthony withdraws $2,300 from the business in order to meet his pers Which of the following is the correct journal entry to close Anthony's withdrawals account at the end of the year? O Anthony, Withdrawals 2,300 Anthony, Capital O Anthony. Withdrawals Cash O Anthony, Capital Anthony, Withdrawals Cash 2.300 2,300 2.300 2,300 2,300 2,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During the current year, Marsha Engles withdrew $4,000 monthly from the partnership of Engles and Cox Water Management Consultants. Is it possible that her share of partnership net income for the current year might be more or less than $48,000? Explain.
Regina Harrison is a partner in Pressed for Time. An analysis of Regina Harrison's capital account indicates that during the most recent year, she withdrew $20,000 from the partnership. Her share of the partnership's net loss was $16,000 and she made an additional equity contribution of $10,000. Her capital account ended the year at $150,000. What was her capital balance at the beginning of the year? a. $124,000 O b. $176,000 ○ c. $192,000 Od. $144,000
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T. Thomas withdraws from his partnership with five other partners and takes cash equal to his capital balance, in the amount of $25,000. The journal entry to reflect this transaction would include which of the following? (Check all that apply.) Multiple select question. Credit to Cash Debit to T. Thomas, Capital Credit to T. Thomas, Capital Debit to Cash
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