College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 19, Problem 4MC
To determine

Identify the amount that is debited to the capital account of Partner A.

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After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Golden, $30,000; Chavez, $40,000; McGinnis, $55,000. If McGinnis retired and withdrew $50,000 in settlement of his/her equity, the amount entered in McGinnis's capital account would be a a.$50,000 credit. b.$55,000 credit. c.$5,000 credit. d.$55,000 debit.
After closing the temporary owner equity accounts into income summary, and after allocating the net income and closing the partners drawing accounts, assume the partner capital accounts had credit balances as follows: Sanchez , $20,000; Dorvinsky, $30,000; Davenport, $45,000. Partners share profits and losses as Follows: Sanchez 20%; Dorvinsky 30% and Davenport 50%. If Davenport retired and withdrew $40,000 in settlement of his equity and settlements are allocated according to capital interest, the amount entered in Dorvinsky capital accounts would be.
After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Ryan, $40,000; O'Malley, $60,000; Sullivan, $45,000. Partners share profits and losses as follows: Ryan, 20%; O'Malley, 30%; and Sullivan, 50%. If Sullivan retired and withdrew $40,000 in settlement of his/her equity and settlements are allocated according to capital interests, the amount entered in Ryan's capital account would be a
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