Multiple Choice
Ronald,Ross and Carol opened a partnership firm.Ronald has a capital of $73,000;Ross has a capital of $117,000;and Carol has a capital of $93,000.Ronald decided to withdraw from the partnership and received $84,000.Which of the following will be included in the journal entry to record this? (Assume an equal profit-loss sharing between the existing partners. )
A) Ross,capital is credited for $5500.
B) Carol,capital is debited for $5500.
C) Ross,capital is debited for $11,000.
D) Cash is credited for $11,000.
Correct Answer:
Verified
Correct Answer:
Verified
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