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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am. 13.
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
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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