Match the Items Below by Entering the Appropriate Code Letter

Short Answer

Match the items below by entering the appropriate code letter in the space provided.
A. Mutual agency
B. Unlimited liability
C. Partnership agreement
D. Income ratio
E. Partners' capital statement
F. Admission by investment
G. Purchase of an interest
H. Partnership liquidation
I. Capital deficiency
J. Distribution of cash to partners in liquidation of a partnership.
1. Each partner is personally and individually liable for partnership debts.
2. Made on basis of partners' capital balances.
3. Explains changes in individual partner's capital accounts during a period.
4. Each partner can bind the partnership so long as the action appears to be appropriate for the partnership.
5. Business terminates.
6. Results in an increase in total net assets and total capital of the partnership.
7. Capital account with a debit balance.
8. The basis for sharing income and losses.
9. Total net assets and total capital of the partnership do not change.
10. Written or verbal contract establishing duties and responsibilities of partners.