Jimmy Johnny, and Joey are partners in the 33 Company sharing profits and losses equally...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Jimmy Johnny, and Joey are partners in the 33 Company sharing profits and losses equally Joey has decided to leave the partnership After all accounts have been updated the capital balances of the parties are cuently $90,000, $120,000, and $70,000, respectively. Assume Jimmy and Johnny agree to continue with the same sharing-profit and loss ratio of equally Assume Joey takes $100,000 in cash. The entry to record his withdrawal from the partnership includes a j OA. debt to Johnny, Capital for $15,000 OB. debit to Joey, Capital for $100,000 OC. credit to Johnny. Capital for $15,000 OD. debit to Jimmy, Capital for $30.000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
