Assume instead that Fung leaves the partnership. Fung is paid $94,600 from the partnership assets with a bonus as the retiring partner. Prepare the journal entry to record Fung's withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles T --. Debit Credit HELP//
Assume instead that Fung leaves the partnership. Fung is paid $94,600 from the partnership assets with a bonus as the retiring partner. Prepare the journal entry to record Fung's withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles T --. Debit Credit HELP//
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Dd.112.
Transcribed Image Text:Assume instead that Fung leaves the partnership. Fung is paid $94,600 from the partnership assets with
a bonus as the retiring partner. Prepare the journal entry to record Fung's withdrawal. (Credit account
titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries
before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
Account Titles
eTextbook and Media
Debit
Credit
HELP//
Transcribed Image Text:Fung, Amlani, and Ironside are partners who share profits and losses 50%, 30%, and 20%, respectively. Their
capital balances are $86,000, $51,600, and $43,000, respectively.
Assume Garcha joins the partnership by investing $75,680 for a 25% interest with bonuses to the
existing partners. Prepare the journal entry to record his investment. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit
entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles
Cash
Fung, Capital
Amlani, Capital
Ironside, Capital
Garcha, Capital
eTextbook and Media
Debit
75860
Credit
5805
3483
2322
64070
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