Capital balances in Cullumber Co. are Lango $40,100, Oslo $32,900, and Fernetti $12,500. Fernetti has decided to
Fantastic news! We've Found the answer you've been seeking!
Question:
Capital balances in Cullumber Co. are Lango $40,100, Oslo $32,900, and Fernetti $12,500. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $13,200 from their personal assets. Lango and Oslo each receive 50% of Fernetti’s equity. The partners share income equally.
Journalize the withdrawal of Fernetti. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter a debit amount | enter a credit amount | |
enter a debit amount | enter a credit amount | |
enter a debit amount | enter a credit amount |
Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date: