Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jefferson Cleveland and Mckinlay are parts with capital balance on June 200 P. 90.000 P 90.000 and P 60 000 respectively. Proto share. Men whom

image text in transcribed

Jefferson Cleveland and Mckinlay are parts with capital balance on June 200 P. 90.000 P 90.000 and P 60 000 respectively. Proto share. Men whom the partnership. The partners agree that Mckinley to take con tuture and its second hand value of P 3.000, and a note for the balance of his wrest. The turned are carried on the books as fully depreciated. What is the entry would be made to record the settlement with Machine A. Mckinley, capital 00.000 Notes payable 50.000 B. Mckinley, capital 50.000 Furniture and fixture 3.500 Notes payable 52 800 Jefferson, capital 1.800 Cleveland C. Mckinley, capital 61,200 Furniture and fixture Notes payable 19.200 D. Mckinley, capital 61,200 1.200 Jefferson 1,200 Cleveland, capital Mckinley, capital 57,600 Notes payable 1 800 3,800 1.200

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

Payroll Management 2020 Edition

Authors: Steven M. Bragg

1642210366, 978-1642210361

More Books

Students also viewed these Accounting questions