Carrie Withdrew from the Partnership of Carrie, Carl, and Van

question 118

Multiple Choice

Carrie withdrew from the partnership of Carrie, Carl, and Van, and accepted $18,000 cash. Her capital balance was $23,400 and the difference will be shared in a ratio of 2:1 for Carl and Van, respectively. The entry would be to:

• A) debit Cash $18,000; credit Van, Capital $18,000.
• B) debit Van, Capital $23,400; credit Cash $23,400.
• C) debit Carrie, Capital $23,400; credit Cash $18,000; credit Carl, Capital $3,600; credit Van, Capital $1,800.
• D) debit Cash $23,400; debit Van, Capital $3,600; debit Carl, Capital $1,800; credit Carrie, Capital $28,800.

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Definitions:

Master Genes

Master genes are genes that control the activity of other genes, playing a critical role in regulating development and differentiation within living organisms.

Repressor

Transcription factor that slows or stops transcription.

X Chromosome Inactivation

Mechanism of dosage compensation: developmental shutdown of one of the two X chromosomes in the cells of female mammals. See also Barr body.

Calico Cats

A specific fur coloration in cats, characteristically with patches of red, black, and white.