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Spring withdrew from the Spring, Tipper, Lotus Partnership. Spring was paid $100,000 even though his capital balance was only $92,200. The three partners shared net
Spring withdrew from the Spring, Tipper, Lotus Partnership.
Spring was paid $100,000 even though his capital balance was only $92,200.
The three partners shared net income and losses equally.
The journal entry to record the transaction would include a:
debit to Lotus for $2600 | ||
debit to Tipper for $3900 | ||
credit to Spring for $92,200. | ||
credit to cash for $92,200 |
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