Question
Raul and Bianca are partners. Raul has a capital balance of$50,000 and Bianca has a capital balance of$37,000. Bianca sells half of her ownership interest
Raul and Bianca are partners. Raul has a capital balance of$50,000 and Bianca has a capital balance of$37,000. Bianca sells half of her ownership interest to Bill for$20,500. Which of the following is true of the journal entry to record thistransaction?
A.
Bianca, Capital is credited for$20,500 andRaul, Capital is debited for$18,500.
B.
Bill, Capital is credited for$18,500 andRaul, Capital is debited for$20,500.
C.
Bianca, Capital is credited for$20,500 andRaul, Capital is debited for$20,500.
D.
Bill, Capital is credited for$18,500 andBianca, Capital is debited for$18,500.
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