Asked by Walter Clark on Jul 04, 2024
Verified
Capital balances in Carson Co. are Dene $50000 Aneta $38000 and Harriet $25000. The partners share income equally. Harriet receives $31000 from partnership assets in withdrawing from the firm.
Instructions
Journalize the withdrawal of Harriet.
Withdrawal
The act of removing funds from a bank account or the process of taking assets out of a business by its owner for personal use.
Partnership Assets
Assets owned by a partnership that are used for carrying out its business activities.
Capital Balances
The amount of money that partners or owners have invested in a business, which may change over time with the addition of profits or the deduction of losses and withdrawals.
- Draft a financial statement detailing a partner's capital and log entries pertaining to partnership transactions.
Verified Answer
WV
Wilson Valencia FlorezJul 09, 2024
Final Answer :
Harriet, Capital 25,000Dene, Capital (50%×$6,000) 3,000 Aneta, Capital (50%×$6,000). 3,000Cash 31,000\begin{array}{llr} \text { Harriet, Capital } &25,000\\ \text {Dene, Capital \( (50 \% \times \$ 6,000) \) } &3,000\\ \text { Aneta, Capital \( (50 \% \times \$ 6,000) \). } &3,000\\ \text {Cash } &&31,000\\\end{array} Harriet, Capital Dene, Capital (50%×$6,000) Aneta, Capital (50%×$6,000). Cash 25,0003,0003,00031,000
Learning Objectives
- Draft a financial statement detailing a partner's capital and log entries pertaining to partnership transactions.