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    Fundamental Accounting Principles Study Set 5
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    Exam 12: Accounting for Partnerships
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    Armstrong Withdraws from the FAP Partnership
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Armstrong Withdraws from the FAP Partnership

Question 42

Question 42

Essay

Armstrong withdraws from the FAP Partnership. The remaining partners agree to buy out her share for her capital balance of $35,000. Prepare the journal entry to record the withdrawal from the partnership.

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