Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. james thomas paid $14,000 to paul torres for one-h

James Thomas paid $14,000 to Paul Torres for one-half of his interest in the partnership...

90.2K

Verified Solution

Question

Accounting

James Thomas paid $14,000 to Paul Torres for one-half of his interest in the partnership of Thomas and Torres. Torres's capital account balance prior to the purchase was $100,000. What is the entry required in the partnership's accounts to record this transaction? A. debit Paul Torres, Capital for $14,000; credit James Thomas, Capital for $14,000. B. debit Paul Torres, Capital for $50,000; credit James Thomas, Capital for $50,000. C. debit Paul Torres, Capital for $100,000; credit James Thomas, Capital for $100,000. D. no entry is necessary the transaction is between Torres and Thomas

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

Accounting
1.2K views

Mr. Z, a calendar year taxpayer, opened a new car wash. Prior tothe car...

Basic Math
1.2K views

Two circles intersect at A and B. P is any point on the circumference of one...

Programming
1.2K views

Write a minimum of 200 words- Review and briefly evaluate Commercial Hosting Sites (WordPress)

Civil Engineering
1.2K views

Describe the micro-mechanism of fracture of (a) brittle material and (b) ductile material. (c) What is...

General Management
1.2K views

Employees at the People’s Bank do not trust management and there is a shared perception that...

Algebra
1.2K views

Tire Right Front 75 Left Front Area traced Estimate of Area of on paper in...

Accounting
1.2K views

QUESTION 3 The following statements of financial position were extracted from the books...

Accounting
1.2K views

information from which 3 sources are used to prepare the statement of cash flow?

Accounting
1.2K views

HomeSuites is a chain of all suite, extended-stay hotel properties. The chain has 22 properties...

Accounting
1.2K views

Hello. Please answer the following given questions with proper accuracy. Thanks. ...

Finance
1.2K views

Having an arena with bandwidth that is stronger than the average event venue is one...

Finance
1.2K views

Please show all work and formulas. You are bearish on Apple...