Hrd.1 BIISHannah, Marnie, and Jessa have operated a partnership asfilmmakers for a number of years. At the end of the year, afterallocation of profits, the partners have the following capitalaccount balances:Hannah $45,000Marnie35,00020,000JessaMarnie decides to leave the partnership and sells her interest inthe partnership to Shoshanna for $50,000. What is the journalentry to record this transaction on the books of thepartnership?

The journal entries are prepared to record the transactions on a regular basis. The adjustment…

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?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 2BCRQ

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