Capital balances in Blossom Co. are Lango $37,000, Oslo $30,800, and Fernetti $18,100. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $12,300 from their personal assets. Lango and Oslo each receive 50% of Fernetti's equity. The partners share income equally. Journalize the withdrawal of Fernetti. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Capital balances in Blossom Co. are Lango $37,000, Oslo $30,800, and Fernetti $18,100. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $12,300 from their personal assets. Lango and Oslo each receive 50% of Fernetti's equity. The partners share income equally. Journalize the withdrawal of Fernetti. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Capital balances in Blossom Co. are Lango $37,000, Oslo $30,800, and Fernetti $18,100. Fernetti has decided to leave the partnership.
Lango and Oslo each agree to pay Fernetti $12,300 from their personal assets. Lango and Oslo each receive 50% of Fernetti's equity.
The partners share income equally.
Journalize the withdrawal of Fernetti. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Capital balances in Crane Co. are Lango $48,800, Oslo $36,600, and Fernetti $24,400. Fernetti has decided to leave the partnership.
Lango and Oslo each agree to pay Fernetti $29,300 from partnership assets in withdrawing from the firm. Lango and Oslo each receive
50% of Fernetti's equity. The partners share income equally.
Journalize the withdrawal of Fernetti. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
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