Multiple Choice
Indicate the account(s) to be debited and credited to record the following transactions.
-During liquidation realized more than book value for the merchandise inventory.
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
Q117: A bonus is paid to the old
Q118: Carrie withdrew from the partnership of Carrie,
Q119: The characteristic that means the actions of
Q120: Discuss (a) the purpose of the articles
Q121: Sue invests $10,000 for a one-fourth interest
Q123: Which of the following is NOT generally
Q124: The Ben and Jill partnership agree to
Q125: Indicate the account(s) to be debited and
Q126: The net income earned by the Brian,
Q127: A partner may withdraw from a partnership