Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brenda Roberts, Lacy Peters, and Aarin MacDonald are partners in RPM Dance Studios. They share profit and losses in a 4040 20 ratio Aarin retires

image text in transcribed
image text in transcribed
image text in transcribed
Brenda Roberts, Lacy Peters, and Aarin MacDonald are partners in RPM Dance Studios. They share profit and losses in a 4040 20 ratio Aarin retires from the partnership on October 14, 2020, and receives $82,000 cash plus a car with a book value of $42.000 (onginal cost was $88,000) Required: For each of the following unrelated situations, present the journal entry to record Aarin's retirement assuming the equities of the partnership on October 14 are: a. Roberts, $302,000, Peters, $402,000, MacDonald, $124.000 View transaction list Journal entry worksheet 1 Record the retirement of a partner Note: Enter debits before credits General Journal Date Oct 14.2020 Debit Credit Record entry Clear entry View general Journal b. Roberts, $102,000, Peters, $124,000, MacDonald: $162,000. View transaction list Journal entry worksheet Record the retirement of a partner Note: Enter debits before credits: Date General Journal Debit Credit Oct 14, 2020 Record entry Clear entry View general Journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Quantitative Analysis Of Finance And Accounting - New Series (Vol. 2)

Authors: Lee Cheng Few

1st Edition

9812561641, 9789812561640

More Books

Students also viewed these Accounting questions

Question

2. Use different groups for different subjects.

Answered: 1 week ago

Question

What factors in Nooyis Five C model facilitate employee trust?

Answered: 1 week ago