Ronald, Ross, and Carol opened a partnership firm. Ronald has a capital of $77,000; Ross...
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Ronald, Ross, and Carol opened a partnership firm. Ronald has a capital of $77,000; Ross has a capital of $119,000; and Carol has a capital of $91,000. Ronald decided to withdraw from the partnership and received $86,000. Which of the following will be included in the journal entry to record this? (Assume an equal profit-loss sharing between the existing partners.) A. Carol, Capital is debited for $4,500. B. Ross, Capital is credited for $4,500. C. Cash is credited for $9,000. D. Ross, Capital is debited for $9,000.
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