Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Brislin Capital $602,000 Humphreys, Capital 368,000 Watkins, Capital 261,000 Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances: The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount
Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Brislin Capital $602,000 Humphreys, Capital 368,000 Watkins, Capital 261,000 Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances: The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 29P
Related questions
Question
100%
Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows:
| Brislin Capital | $602,000 | |
| Humphreys, Capital | 368,000 | |
| Watkins, Capital | 261,000 |
Prepare the
The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|
|
select an account title
|
enter a debit amount
|
enter a credit amount
|
|
select an account title
|
enter a debit amount
|
enter a credit amount
|
|
select an account title
|
enter a debit amount
|
enter a credit amount
|
|
select an account title
|
enter a debit amount
|
enter a credit amount
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College