Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $143,000, $89,000, and $58,000, respectively. Assume instead that Daggett leaves the partnership. Daggett is paid $177,000 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 select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a cre

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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Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $143,000, $89,000, and $58,000, respectively.

Assume instead that Daggett leaves the partnership. Daggett is paid $177,000 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
select an account title	enter a debit amount	enter a credit amount
select an account title	enter a debit amount	enter a credit amount
select an account title	enter a debit amount	enter a credit amount
select an account title	enter a debit amount	enter a credit amount

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