Capital balances in Midway Co. are Messer $40,000, Isch $30,000, and Denny $18,000. Messer and Isch each
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Capital balances in Midway Co. are Messer $40,000, Isch $30,000, and Denny $18,000. Messer and Isch each agree to pay Denny $12,000 from their personal assets. Messer and Isch each receive 50% of Denny’s equity. The partners share income equally. Journalize the withdrawal of Denny.
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Related Book For 
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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