McCartney,Harris and Hussin Are Dissolving Their Partnership B) C) D)

Multiple Choice

McCartney,Harris and Hussin are dissolving their partnership.Their partnership agreement allocates each partner 1/3 of all income and losses.The current period's ending capital account balances are McCartney,$13,000; Harris,$13,000; and Hussin,$(2,000) .After all assets are sold and liabilities are paid,there is $24,000 in cash to be distributed.Hussin is unable to pay the deficiency.The journal entry to record the distribution should be:

A)
$\begin{array}{|l|c|c|}\hline \text { McCartney, Capital. } & 8,000 \\\hline \text { Harris, Capital. } & 8,000 \\\hline \text { Hussin, Capital. } & 8,000 \\\hline \text { Cash. } &&24,000 \\\hline\end{array}$
B)
$\begin{array}{|l|c|c|}\hline \text { McCartney, Capital. } & 12,000 \\\hline \text { Harris, Capital. } & 12,000 \\\hline\text { Cash }&&24,000\\\hline\end{array}$

C)
$\begin{array}{|l|c|c|c|}\hline \text { McCartney, Capital. } & 13,000 & \\\hline \text { Harris, Capital. } & 13,000 & \\\hline \text { Hussin, Capital. } & & 2,000 \\\hline \text { Cash. } & & 24,000 \\\hline\end{array}$
D)
$\begin{array}{|l|c|c|}\hline \text { Cash. } & 24,000 & \\\hline \text { Hussin, Capital. } & 2,000 & \\\hline \text { McCartney, Capital. } & & 13,000 \\\hline \text { Harris, Capital. } & & 13,000 \\\hline\end{array}$
E)
$\begin{array}{|c|c|c|}\hline \text { Cash. } & 24,000 & \\\hline \text { McCartney, Capital. } & & 8,000 \\\hline \text { Harris, Capital } & & 8,000 \\\hline \text { Hussin, Capital. } & & 8,000 \\\hline\end{array}$