B. Edwards, J. King, and N. Pegg have capital balances of $95,000, $75,000, and $60,000, respectively. They
Question:
1. Pegg is paid $68,000 in cash from partnership assets, and a bonus is granted to the retiring partner.
2. Pegg is paid $56,000 in cash from partnership assets, and bonuses are granted to the remaining partners.
Instructions
Journalize the withdrawal of Pegg under each of the assumptions above.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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1 N Pegg Capital 60000 B Edwards Capital 5000 J King Capital ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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