Please do not give solution in image format ? !NoARequired information[The following information applies to the questions displayed below.]BThe partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided toretire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5:Ace, CapitalJack, CapitalSpade, Capitalb. Jack acquired Spade's capital interest for $151,400 in a personal transaction. Partnership assets were not revalued, and partnershipgoodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, select"No journal entry required" in the first account field.)The partners allocate partnership income and loss in the ratio 20:30:50, respectively.Required:Record Spade's withdrawal under each of the following independent situations.$151,800201,900121,700Event12GoodwillAce, CapitalJack, CapitalSpade, CapitalSpade, CapitalJack, Capital> Answer is not complete.General Journal3 34 3>>✓Debit60,200 x151,400 ✓Credit151,400✔

Journal entries are the primary reporting of the business transactions in the books of accounts.…

No A The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: B Ace, Capital Jack, Capital Spade, Capital b. Jack acquired Spade's capital interest for $151,400 in a personal transaction. Partnership assets were not revalued, and partnersh goodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, selec "No journal entry required" in the first account field.) The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. $151,800 201,900 121,700 Event 1 2 Goodwill Ace, Capital Jack, Capital Spade, Capital Spade, Capital Jack, Capital Answer is not complete. General Journal Debit 60,200 151,400 Credit 151,400

No A The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: B Ace, Capital Jack, Capital Spade, Capital b. Jack acquired Spade's capital interest for $151,400 in a personal transaction. Partnership assets were not revalued, and partnersh goodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, selec "No journal entry required" in the first account field.) The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. $151,800 201,900 121,700 Event 1 2 Goodwill Ace, Capital Jack, Capital Spade, Capital Spade, Capital Jack, Capital Answer is not complete. General Journal Debit 60,200 151,400 Credit 151,400

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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