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Hannah, Marnie, and Jessa have operated a partnership as filmmakers for a number of years. At the end of the year, after allocation of profits, the partners have the following capital account balances: Hannah $45,000 Marnie 35,000 Jessa 20,000 Marnie decides to leave the partnership and sells her interest in the partnership to Shoshanna for $50,000. What is the journal entry to record this transaction on the books of the partnership?

Hannah, Marnie, and Jessa have operated a partnership as filmmakers for a number of years. At the end of the year, after allocation of profits, the partners have the following capital account balances: Hannah $45,000 Marnie 35,000 Jessa 20,000 Marnie decides to leave the partnership and sells her interest in the partnership to Shoshanna for $50,000. What is the journal entry to record this transaction on the books of the partnership?

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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BI IS Hannah, Marnie, and Jessa have operated a partnership as filmmakers for a number of years. At the end of the year, after allocation of profits, the partners have the following capital account balances: Hannah $45,000 Marnie 35,000 20,000 Jessa Marnie decides to leave the partnership and sells her interest in the partnership to Shoshanna for $50,000. What is the journal entry to record this transaction on the books of the partnership?
Transcribed Image Text:BI IS Hannah, Marnie, and Jessa have operated a partnership as filmmakers for a number of years. At the end of the year, after allocation of profits, the partners have the following capital account balances: Hannah $45,000 Marnie 35,000 20,000 Jessa Marnie decides to leave the partnership and sells her interest in the partnership to Shoshanna for $50,000. What is the journal entry to record this transaction on the books of the partnership?
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