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Home Q & A Board Other Fields Homework Help Business Accounting
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ShanitaD220 ShanitaD220
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6 years ago
Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows:

Floyd$54,000
Merriam22,000

Floyd agrees to sell half of his share to Ramelow in exchange for $32,000 cash. Which of the following is the correct journal entry in the books of the firm for the above transfer of interest?

A)
Cash32,000
          Ramelow, Capital32,000

B)
Floyd, Capital27,000
          Ramelow, Capital27,000

C)
Cash32,000
Floyd, Capital27,000
          Ramelow, Capital59,000

D)
Cash32,000
          Floyd, Capital5,000
          Ramelow, Capital27,000
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
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tgehbretgfhgrertgehbretgfhgrer
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6 years ago
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ShanitaD220 Author
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6 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Turboturner
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Yesterday
Thank you, thank you, thank you!
vernonb
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2 hours ago
Just got PERFECT on my quiz
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