Question
Ronald, Ross, and Carol opened a partnership firm. Ronald has a capital of $77,000; Ross has a capital of $119,000; and Carol has a capital
Ronald, Ross, and Carol opened a partnership firm. Ronald has a capital of $77,000; Ross has a capital of $119,000; and Carol has a capital of $91,000. Ronald decided to withdraw from the partnership and received $86,000. Prepare the required journal entry for the transaction. (Assume an equal profit-loss sharing between the existing partners.)
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Managerial Accounting for Managers
Authors: Eric Noreen, Peter Brewer, Ray Garrison
2nd edition
978-0077403485, 77403487, 73527130, 978-0073527130
