On February 7, Al OToole sold his equity in the partnership to Bill Mays for $5,500 Als capital account had a $4,250 balance Record the journal entry ...

On February 7, Al OToole sold his equity in the partnership to Bill Mays for $5,500. Als

Question:

On February 7, Al O’Toole sold his equity in the to Bill Mays for $5,500. Al’s capital account had a $4,250 balance. Record the journal entry.

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...