Question 12

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Norton was paid $25,000 from the partnership cash for his withdrawal from the partnership of Maxwell, Slade, and Norton. Their capital balances were $40,000, $60,000, and $35,000, respectively. Income and loss is shared 4:6:3 respectively. The journal entry to record the withdrawal of Norton would NOT include:

a.

a debit to Norton's capital account for $35,000

b.

a debit to Maxwell's capital account for $2,000

c.

a credit to Slade's capital account for $6,000

d.

a credit to cash for $25,000