Masters, Hardy, and Rowen are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Masters, $15,000; Hardy, $15,000; Rowen, $(2,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $28,000 in cash to be distributed. Rowen pays $2,000 to cover the deficiency in his account. The general journal entry to record the final distribution would be:

Question

29-09-2020
Business

contestada

Masters, Hardy, and Rowen are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Masters, $15,000; Hardy, $15,000; Rowen, $(2,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $28,000 in cash to be distributed. Rowen pays $2,000 to cover the deficiency in his account. The general journal entry to record the final distribution would be:

Respuesta :

Otras preguntas

Which statement about the transatlantic slave trade from Africa to the New World is correct? A. Slaves in the European colonies of South America had the highest

Which of the leaders would be considered the most anti-revolutionary?

Trevor restores antique cars and sells them for profit. This is an example of _____ income. a. capital gains b. earned c. hourly d. passive

Tell whether the angles are complementary or supplementary. Then find the value of x.

Which type of context clue provides the meaning of a word directly in a sentence? Contrast Restatement Inference Definition

A patient diagnosed with glaucoma has?

What is the volume of 80.0 g of ether if the density of ether is 0.70 g/mL

What's the population of Romania?

What are the coordinates of point A? Question 1 options: (3, -2) (-2, 3) (-3, 2) (2, -3)

Bob is three times as old as Peter. If the sum of their ages is 56, how old is Bob?

ACCESS MORE

andromache andromache · Answer 1 · 2020-09-30T17:21:22+02:00

Answer:

a. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Cash $30,000.

Explanation:

Given options:

a. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Cash $30,000.

b. Debit Masters, Capital $14,000; debit Hardy, Capital $14,000; credit Cash $28,000.

c. Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Rowen, Capital $2,000; credit Cash $28,000.

d. Debit Cash $28,000; debit Rowen, Capital $2,000; credit Masters, Capital $15,000; credit Hardy, Capital $15,000.

e. Debit Masters, Capital $9,334; debit Hardy, Capital $9,333; debit Rowen, Capital $9,333; credit Cash $28,000.

The journal entry to record the final distribution is shown below:

Master capital Dr $15,000

Hardy capital Dr $15,000

To Cash $30,000

(Being the final distribution is recorded)

Here debited both capital as it reduced the stockholder equity also it decreased the assets

Hence, the correct option is a.

abiolataiwo2015 abiolataiwo2015 · Answer 2 · 2022-01-04T12:32:11+01:00

The general journal entry to record the final distribution would be: Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Cash $30,000.

Based on the information given the appropriate journal entry is:

Debit Masters, Capital $15,000

Debit Hardy, Capital $15,000

Credit Cash $30,000

($28,000+$2,000)

(To record final distribution)

Inconclusion the general journal entry to record the final distribution would be: Debit Masters, Capital $15,000; debit Hardy, Capital $15,000; credit Cash $30,000.

Learn more about partnership here:https://brainly.com/question/14034519