Which is NOT CORRECT when the Capital Adjustment account is used in the recording of partnership revaluation? We credit Capital Adjustment when we increase the value of Land. We debit Capital Adjustment when we increase the value of Furniture and Fixture We credit Capital Adjustment when we decrease the value of Notes Payable. We debit Capital Adjustment when we increase the value of Accounts Payable.

Which is NOT CORRECT when the Capital Adjustment account is used in the recording of partnership revaluation? We credit Capital Adjustment when we increase the value of Land. We debit Capital Adjustment when we increase the value of Furniture and Fixture We credit Capital Adjustment when we decrease the value of Notes Payable. We debit Capital Adjustment when we increase the value of Accounts Payable.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 6BCRQ

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