On December 31, 2021, capital balances of the partners in Shelby Charters are C. Murphy $45,000; M.
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On December 31, 2021, capital balances of the partners in Shelby Charters are C. Murphy $45,000; M. Knight $35,000; and T. Shelby $25,000. The partners share profit in a 5:3:2 ratio, respectively. Shelby decides that she is going to leave the partnership. Assume that Shelby receives cash from the partnership when she withdraws. Journalize the withdrawal of Shelby if she receives (a) $35,000 cash, and (b) $20,000 cash.
PartnershipA 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...
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a T Shelby receives 35000 cash Dec 31 T Shelby Capital 2...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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