When Danny Withdrew from John, Daniel, Harry, and Danny, LLP

question 3

Multiple Choice

When Danny withdrew from John, Daniel, Harry, and Danny, LLP, he was paid $80,000, although his capital account balance was only $60,000. The four partners shared net income and losses equally, and no revaluation will take place. The journal entry to record the effect on John's capital due to Danny's withdrawal would include:

• A) $6,667 debit to John, Capital.
• B) $6,667 credit to John, Capital.
• C) $20,000 debit to John, Capital.
• D) $5,000 debit to John, Capital.
• E) $5,000 credit to John, Capital.

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Definitions:

Meta-Analysis

A quantitative literature review that combines the statistical results (e.g., correlation coefficients) from all studies conducted on a topic.

Factorial Design

A research design used in experiments involving multiple factors where each factor has two or more levels, and the effects of each factor as well as their interaction can be studied.

Quasi-Experiment

A quasi-experiment is a research design that resembles an experimental design but lacks the same level of control or random assignment of participants to groups.

Institutional Review Board

A committee that reviews and approves research involving humans, ensuring ethical standards are met.