Capital balances in Sheridan Co. are Lango $42,200, Oslo $31,100, and Fernetti $14,700. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $14,900 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 Fernetti, Capital 14700 Lango, Capital 50 Oslo, Capital 50

Capital balances in Sheridan Co. are Lango $42,200, Oslo $31,100, and Fernetti $14,700. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $14,900 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 Fernetti, Capital 14700 Lango, Capital 50 Oslo, Capital 50

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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