Which of the following is created by the adjusting entry to recognize interest expense incurred but not yet paid? Prepaid interest Uneamed revenue Interest revenue Interest expense Notes payable The current portion of long-term debt Refers to the part of long term debt that is die within one year Is shown separately from the long-term portion on the balance sheet Must be disclosed will be a known amount Al of these In closing the partnership accounts at the end of a period, the partners capital accounts are credited for their share of the net loss or debited for their share of the profit True False The statement of changes in equity shows the beginning balance in retained earnings.plus investmen ts, less partners withdrawals, the income or loss, and the ending balance in retained earnings. True False If the partners agree on a formula to share income and say nothing about losses, then the losses are shared equally True False The partnership agreement gives Verny 60% and Queyen 40% of partnership incomes or losses. The p artnership had a net loss of $32,000. Yenny's share of the loss was $16,200 Queyeris share was $15 800 True False When a partner leaves a partnership, the withdrawing partner is entitled to a bonus if the recorded eq uty is overstated True False Wiliamand Smith formed a partnership with Scott who contributed $100,000, Wiliam who contribute d$30,000, and Smith who contributed $70,000. Their partnership agreement called for the comingsd ivision to be based on the ratio of capital investments. If the partnership had a profit of $475,000 fori ts first year of operation, how much would be credited to Smiths capital account? $166,250 $70.000 $130,000 $345.000 $475.000