Multiple Choice
Indicate the account(s) to be debited and credited to record the following transactions.
-The business bought store equipment on account.
Debit ________ Credit ________
A) Cash
B) Accounts receivable
C) Allowance for doubtful accounts
D) Merchandise inventory
E) Store supplies
F) Store equipment
G) Accumulated depreciation
H) Notes payable
I) Accounts payable
J) John Partner's, Capital
K) Joy Partner's, Capital
L) John Partner's, withdrawals
M) Joy Partner's, withdrawals
N) Income summary
O) Service revenue
P) Gain on realization
Q) Loss on realization
Correct Answer:

Verified
Correct Answer:
Verified
Q2: Prepare the journal entry to record the
Q3: A cash withdrawal of a partner was
Q4: A partnership can be terminated by which
Q5: "Limited life" in a partnership agreement means:<br>A)
Q6: All assets held by a partnership are:<br>A)
Q7: Partner A invested furniture that was recorded
Q8: When a partnership is terminated, the assets
Q9: Mutual agency means that the act of
Q10: Since all partners are bound together in
Q11: Sue and Jill, who have ending capital