Question
Raul and Bianca are partners. Raul has a capital balance of $50,000 and Bianca has a capital balance of $40,000. Bianca sells half of her
Raul and Bianca are partners. Raul has a capital balance of $50,000 and Bianca has a capital balance of $40,000. Bianca sells half of her ownership interest to Bill for $22,000. Which of the following is true of the journal entry to record this transaction?
A. Bianca, Capital is credited for $22,000 and Raul, Capital is debited for $22,000.
B. Bill, Capital is credited for $20,000 and Raul, Capital is debited for $22,000.
C. Bill, Capital is credited for $20,000 and Bianca, Capital is debited for $20,000.
D. Bianca, Capital is credited for $22,000 and Raul Capital is debited for $20,000
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