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Current Attempt in Progress On December 31, the capital balances and profit and loss ratios in Ivanhoe Company are as follows: Partner H. Brown P. Miller R. Moore Capital Balance $116,100 $47,790 $38,700 Profit and Loss Ratio 60% 30% 10%

Current Attempt in Progress On December 31, the capital balances and profit and loss ratios in Ivanhoe Company are as follows: Partner H. Brown P. Miller R. Moore Capital Balance $116,100 $47,790 $38,700 Profit and Loss Ratio 60% 30% 10%

FINANCIAL ACCOUNTING
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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Current Attempt in Progress On December 31, the capital balances and profit and loss ratios in Ivanhoe Company are as follows: Partner H. Brown P. Miller R. Moore (a) Capital Balance $116,100 $47,790 $38,700 Profit and Loss Ratio 60% 30% 10%
Transcribed Image Text:Current Attempt in Progress On December 31, the capital balances and profit and loss ratios in Ivanhoe Company are as follows: Partner H. Brown P. Miller R. Moore (a) Capital Balance $116,100 $47,790 $38,700 Profit and Loss Ratio 60% 30% 10%
Journalize the withdrawal of Moore if using personal funds, Miller agrees to purchase Moore's ownership interest for $46,800 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles Dec. 31 R. Moore, Capital P. Miller, Capital eTextbook and Media Debit 46800 Credit 46800
Transcribed Image Text:Journalize the withdrawal of Moore if using personal funds, Miller agrees to purchase Moore's ownership interest for $46,800 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles Dec. 31 R. Moore, Capital P. Miller, Capital eTextbook and Media Debit 46800 Credit 46800
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