Question
annah, Marnie, and Jessa have operated a partnership as filmmakers for a number of years. At the end of the year, before any allocation of
annah, Marnie, and Jessa have operated a partnership as filmmakers for a number of years. At the end of the year, before any allocation of profits, the partners have the following capital account balances: Hannah $25,000 Marnie 15,000 Jessa 10,000 Jessa makes a withdrawal of cash of $5,000, an amount allowed under the terms of the partnership agreement. What is the journal entry to record the withdrawal of cash by Jessa? ANSWER Unselected Date Accounts Debit Credit Cash 5,000 Jessa, Capital 5,000 Unselected Date Accounts Debit Credit Jessa, Withdrawals 5,000 Jessa, Capital 5,000 Unselected Date Accounts Debit Credit Jessa, Capital 5,000 Cash 5,000 Unselected Date Accounts Debit Credit Jessa, Withdrawals 5,000 Cash 5,000 Unselected I DON'T KNOW YET
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started