Adam,Bill,and Charlie Are Partners

question 100

Multiple Choice

Adam,Bill,and Charlie are partners.The profit and loss sharing rule between them is 2:5:3,with Bill getting the largest share and Adam receiving the smallest.The partnership incurs a net loss of $21,000.While closing the Income Summary ________.

• A)Income Summary will be credited for $6,300
• B)Adam,Capital will be debited for $6,300
• C)Adam,Capital will be credited for $6,300
• D)Charlie,Capital will be debited for $6,300

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