Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. current attempt in progress on december 31, 2021.

Current Attempt in Progress On December 31, 2021. capital balances of the partners in Shelby...

60.1K

Verified Solution

Question

Accounting

image
image
Current Attempt in Progress On December 31, 2021. capital balances of the partners in Shelby Charters are M. Knight $13.500.C. Murphy $36,400, and Shelby $25.000. The partners share profit in a 5:3.2 ratio, respectively. Shelly decides that she is going to leave the partnership Assume that Shelby receives cash from the partnership when she withdraws Journalize the withdrawal of Shelby if she receives $38.200 cash. (Credit account des are automatically indented when the amount is entered. Do not indent manually Debit Credit Date Account Titles and Explanation 3000 Dec 31 MK, Torncord withdrawal of partner Journalize the withdrawal of Shelby if she receives $23.200 cash. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. 31 To record withdrawalot partner

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students