When a Partnership Is Liquidated,the Journal Entry to Pay the Claims

question 34

Multiple Choice

When a partnership is liquidated,the journal entry to pay the claims of creditors would include:

• A)a debit to Cash.
• B)a debit to each individual creditor.
• C)a credit to cash.
• D)Both B and C

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Definitions:

Mates

Refers to individuals chosen as partners for reproduction or companionship, typically within the context of romantic or sexual relationships.

Evolutionary Psychologists

Scientists who study the psychological traits such as memory, perception, and language from a modern evolutionary perspective.

Birthday

The anniversary of the day on which a person was born, typically celebrated as a yearly event.

Cousin

A relative with whom a person shares one or more common ancestors, but typically more distant than a sibling or parent.