Data pertaining to Pelmar Co are presented in BE12 9 Instead of payment from personal assets, assume that Fernetti receives $24,000 from partnership assets in with drawing from the firm Journalize the withdrawal of Fernetti In BE12 9, Capital balances in Pelmar Co are Lango $40,000, Oslo $30,000, a...

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

Question:

Data pertaining to Pelmar Co. are presented in BE12-9. Instead of payment from personal assets, assume that Fernetti receives $24,000 from assets in with-drawing from the firm. Journalize the withdrawal of Fernetti.
In BE12-9, Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Lango and Oslo each agree to pay Fernetti $12,000 from their personal assets. Lango and Oslo each receive 50% of Fernetti’s equity. The partners share income equally. Journalize the withdrawal of Fernetti.

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...