Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Brislin Capital $602,000 Humphreys, Capital 368,000 Watkins, Capital 261,000 Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances: The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter14: Partnerships And Limited Liability Entities

Section: Chapter Questions

Problem 29P

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Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows:

Brislin Capital		$602,000
Humphreys, Capital		368,000
Watkins, Capital		261,000

Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances:

The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

Account Titles and Explanation	Debit	Credit
select an account title	enter a debit amount	enter a credit amount
select an account title	enter a debit amount	enter a credit amount
select an account title	enter a debit amount	enter a credit amount
select an account title	enter a debit amount	enter a credit amount

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