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Mary sold Jill her equity in the Mary and Jill partnership for $23,000. If both Mary and Jill had a ...

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Mary sold Jill her equity in the Mary and Jill partnership for $23,000. If both Mary and Jill had a ...

Mary sold Jill her equity in the Mary and Jill partnership for $23,000. If both Mary and Jill had a $15,000 capital balance, the entry to record this transaction would be to:
A) debit Jill, Capital $15,000; credit Mary, Capital $15,000.
B) debit Mary, Capital $15,000; credit Jill, Capital $15,000.
C) debit Cash $15,000; credit Mary, Capital $15,000.
D) debit Cash $23,000; credit Jill, Capital $23,000.

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College Accounting: A Practical Approach

Edition: 13^th

Author: Slater

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upton Author

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