Multiple Choice
McCartney, Harris, and Hussin are dissolving their partnership.Their partnership agreement allocates income and losses equally among the partners.The current period's ending capital account balances are McCartney, $15,000, Harris, $15,000, Hussin, $(2,000) .After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $28,000 in cash to be distributed.Hussin pays $2,000 to cover the deficiency in his account.The general journal entry to record the final distribution would be:
A)
B)
C)
D)
E)
Correct Answer:

Verified
Correct Answer:
Verified
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