Data pertaining to Midway Co. are presented in BE12-9. Instead of payment from personal assets, assume that

Question:

Data pertaining to Midway Co. are presented in BE12-9. Instead of payment from personal assets, assume that Denny receives $24,000 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Denny.

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...