Which of the following is correct as it relates to the partnership form of organization and its accounting?

Multiple Choice

a. Partners are employees of the partnership

b. Accounting for a partnership is the same as accounting for a proprietorship except for transactions directly affecting equity.

c. amounts that partners withdraw from the partnership assets are expenses on the income statement

d. Amounts that partners withdraw from the partnership are recorded by crediting the partner's withdrawals account

e. None of these choices are correct

Quinn, Mellissa, and Harper are liquidating their partnership. They have no agreement for sharing profits and losses. The ending capital account balances are Quin, $13,000; Mellissa, $13,000; Harper, ($2,000). There is $60,000 in cash to be distributed to the partners. The journal entry to record the distribution should be

Multiple Choice

Quinn, Capital	20,000
Mellissa, Capital	20,000
Harper, Capital	20,000
Cash		60,000

Quinn, Capital	30,000
Mellissa, Capital	30,000
Cash		60,000

Cash	60,000
Quinn, Capital		60,000

Cash	12,000
Harper, Capital	46,000
Quinn, Capital		2,000
Mellissa, Capital		60,000

Quinn, Capital	60,000
Cash		30,000
Harper, Capital		30,000