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Home Q & A Board Other Fields Homework Help Business Accounting
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les123456 les123456
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5 years ago
Kenny and Jeff form a partnership.  During the year, Kenny and Jeff withdraw $32,000 and $22,000, respectively. Which of the following will be included in the journal entry to record the withdrawals?
A) debit to Kenny, Withdrawals for $32,000
B) debit to Jeff, Withdrawals for $27,000
C) credit to Kenny, Withdrawals for $27,000
D) credit to Jeff, Withdrawals for $22,000
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
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#1
5 years ago
 A
Explanation:  A) The journal entry to record withdrawals will include a debit to the partner's Withdrawal account and a credit to the Cash account.
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