Assume that Bernards Novelty is a partnership. Which transaction would occur if Partner A withdraws cash for

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Assume that Bernard’s Novelty is a partnership. Which transaction would occur if Partner A withdraws cash for personal use to purchase an automobile?

a. Debit Salary Expense and credit Cash

b. Debit Cash and credit Partner A, Withdrawal

c. Debit Partner A, Withdrawal and credit Cash

d. Debit Capital and credit Cash

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Glencoe Accounting First Year Course

ISBN: 9780078688294

1st Edition

Authors: Andrée Vary

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Question Posted: Jun 16, 2022 03:10 AM

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Assume that Bernards Novelty is a partnership. Which transaction would occur if Partner A withdraws cash for

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c Debit Partner A Withdrawal and credit Cash When a partner withdraws ...View the full answer

Glencoe Accounting First Year Course

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