The partnership of Crandall, Crandall, and Dixon state that the partners will share profits and...
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Accounting
The partnership of Crandall, Crandall, and Dixon state that the partners will share profits and losses equally. Prior to liquidation, Dixon has a deficit of $8,000 that he cannot pay. The other partners will absorb the deficiency. The journal entry to record this transaction will include a (debit/credit) to Dixon, Capital in the amount of $.
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