Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Fernetti has decided to
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Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $24,000 from partnership assets in withdrawing from the firm. Lango and Oslo each receive 50% of Fernett's equity. The partners share income equally. Journalize the withdrawal of Fernetti.
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Related Book For 
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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