Capital balances in Blossom Co. are Lango $29,600, Osio $22,200, and Fernetti $14,800, Fernetti receives $17,800 from partnership assets in withdrawing from the firm. 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)

Answer rating: 100% (QA)

To journalize the withdrawal of Fernetti from the partnership we need to record the distribution of ... View the full answer