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Daggett, Lamppin, and Pendergast are partners who share profits and losses 50 %, 30%, 20%, respectively. Their capital balances are $140000, $80000, and $55000, respectively. Assume instead that Daggett leaves the partnership. Daggett is paid $170,000 with a bonus to the retiring partner. Prepare the journal entry to record Daggett's withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Daggett, Lamppin, and Pendergast are partners who share profits and losses 50 %, 30%, 20%, respectively. Their capital balances are $140000, $80000, and $55000, respectively. Assume instead that Daggett leaves the partnership. Daggett is paid $170,000 with a bonus to the retiring partner. Prepare the journal entry to record Daggett's withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

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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am. 13.

Assume instead that Daggett leaves the partnership. Daggett is paid $170,000 with a bonus to the retiring partner. Prepare the journal entry to record Daggett's withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Daggett, Capital Lamppin, Capital Pendergast, Capital Cash + Debit 150000 Credit 170000
Transcribed Image Text:Assume instead that Daggett leaves the partnership. Daggett is paid $170,000 with a bonus to the retiring partner. Prepare the journal entry to record Daggett's withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Daggett, Capital Lamppin, Capital Pendergast, Capital Cash + Debit 150000 Credit 170000
Daggett, Lamppin, and Pendergast are partners who share profits and losses 50 %, 30%, 20 %, respectively. Their capital balances are $140000, $80000, and $55000, respectively. Assume instead that Daggett leaves the partnership. Daggett is paid $170,000 with a bonus to the retiring partner. Prepare the journal entry to record Daggett's withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Daggett, Lamppin, and Pendergast are partners who share profits and losses 50 %, 30%, 20 %, respectively. Their capital balances are $140000, $80000, and $55000, respectively. Assume instead that Daggett leaves the partnership. Daggett is paid $170,000 with a bonus to the retiring partner. Prepare the journal entry to record Daggett's withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
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