The receipt of $6,000 in advance ticket sales would be recorded as 20 Multiple Choice 8 02:46:27 debit Unearned Revenue, credit Cash. debit Unearned Revenue, credit Sales debit Cash, credit Revenue Payable Employee vacation benefits 21 Multiple Choice 8 02:46:17 are estimated liabilities. are contingent liabilities. . become an expense when the employee takes a vacation. A company can have a liability even if the amount of the obligation is uncertain 22 True or False 02:40:06 True False The characteristics of a liability include 24 Multiple Choice 8 02:45:53 a liability can be current or noncurrent. all of these requirement of future payment of assets or rendering of services. The fact that partnership assets are owned jointly by all partners is called 25 Multiple Choice 2 02:45:43 Limited partnership Sole proprietorship Co-ownership of property QUIZ Seved A partner can withdraw from a partnership by 26 Multiple Choice 8 02:45:34 All of these Selling his/her interest to another person who pays for it in cash Receiving cash or other assets of the partnership equal to the amount of his/her capital account Ir a partnership contract provides for interest at 10% annually on each partner's investment, the interest 27 Multiple Choice 8 02:49:24 Must be paid in cash Provides for the sharing of a portion of the partnership earnings in the capital ratio Legally becomes a lability of the partnership