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 40:40:20 ratio. Aarin retires from

image text in transcribedimage text in transcribedimage text in transcribed

Brenda Roberts, Lacy Peters, and Aarin MacDonald are partners in RPM Dance Studios. They share profit and losses in a 40:40:20 ratio. Aarin retires from the partnership on October 14, 2020, and receives $83,000 cash plus a car with a book value of $43,000 (original cost was $90,000). 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, $303,000; Peters, $403,000; MacDonald, $126,000. View transaction list Journal entry worksheet Record the retirement of a partner. Note: Enter debits before credits. General Journal Debit Credit Date Oct 14, 2020 b. Roberts, $103,000; Peters, $126,000; MacDonald; $163,000. View transaction list Journal entry worksheet Record the retirement of a partner. Note: Enter debits before credits. Account Title Debit Credit Date Oct 14, 2020 c. Roberts, $133,000; Peters, $163,000; MacDonald: $63,000. View transaction list Journal entry worksheet

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

Wiley CIAexcel Exam Review 2018 Part 1 Internal Audit Basics

Authors: S. Rao Vallabhaneni

1st Edition

1119482569, 978-1119482567

More Books

Students also viewed these Accounting questions

Question

Why do mergers and acquisitions have such an impact on employees?

Answered: 1 week ago

Question

2. Describe the functions of communication

Answered: 1 week ago