Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Wick, Candle and Flame have been partners for many years. Candle is retiring and will take over one of the partnerships loans. What is the
Wick, Candle and Flame have been partners for many years. Candle is retiring and will take over one of the partnerships loans. What is the double entry to record this?
a. Account to be debited: Loan
Account to be credited: Revaluation
b. Account to be debited: Loan
Account to be credited: Capital - Candle
c. Account to be debited: Loan
Account to be credited: Realization
d. Account to be debited: Loan
Account to be credited: Bank
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started