Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kelly withdrew from the partnership of Kelly, Celeste & Nathan. The partners shared income and losses in a ratio of 2:2:1, respectively. Kelly's capital balance

image text in transcribed
Kelly withdrew from the partnership of Kelly, Celeste & Nathan. The partners shared income and losses in a ratio of 2:2:1, respectively. Kelly's capital balance was $18,000 but she accepted $15,000 cash. The entry would be: A. Debit Cash $15,000; credit Nathan Capital $15,000. B. debit Nathan Capital $15,000; credit Cash $15,000 C. debit Kelly Capital $18,000; credit Cash $15,000; credit Celeste capital 6. $2,000; credit Nathan Capital $1,000. Debit Cash $15,000; credit Nathan Capital $1,000; debit Celeste Capital $2,000; credit Kelly Capital $18,000. D. E. None of the above

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

Performance Auditing A Measurement Approach

Authors: Ronell B. Raaum, Stephen L. Morgan

4th Edition

0894134647, 978-0894134647

More Books

Students also viewed these Accounting questions

Question

e. What do you know about your ethnic background?

Answered: 1 week ago

Question

b. Why were these values considered important?

Answered: 1 week ago