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Is this correct? I am not sure if it is Barth, Holt, and Tran have been partners of a ski, snowboard, and mountain bike shop
Is this correct? I am not sure if it is
Barth, Holt, and Tran have been partners of a ski, snowboard, and mountain bike shop in Whistler, BC, called Storm. Based on the partnership agreement, they share profit and losses in a 6:2:2 ratio. On November 30, the date Tran retires from the partnership, the equities of the partners are Barth, $320,000; Holt, $215,000; and Tran, $95,000. Present general Journal entries to record Tran's retirement under each of the following unrelated assumptions: a. Tran is paid $95,000 in partnership cash for his equity. View transaction list View journal entry worksheet General Journal Credit No 1 Date November 30 Debit 95,000 Tran, capital Cash 95,000 b. Tran is paid $130,000 in partnership cash for his equity. View transaction list View journal entry worksheet No Date General Journal Credit November 30 Tran, capital Accounts receivable Cash Debit 95,000 35,000 130,000 c. Tran is paid $77,500 in partnership cash for his equity. View transaction list View journal entry worksheet General Journal Credit No 1 Date November 30 Debit 95,000 Tran, capital Accounts receivable Cash 17,500 77,500Step by Step Solution
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