Keith and Jim Are Partners

question 32

Multiple Choice

Keith and Jim are partners.Keith has a capital balance of $47,000 and Jim has a capital balance of $32,000.Jim sells $15,000 of his ownership to Bill.Which of the following is true of the journal entry to admit Bill?

• A)Bill,Capital will be debited for $17,000.
• B)Jim,Capital will be debited for $17,000.
• C)Jim,Capital will be credited for $15,000.
• D)Bill,Capital will be credited for $15,000.

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Definitions:

Substance Withdrawal

Symptoms that occur upon the reduction or cessation of intake of addictive substances to which one has become dependent, often leading to significant distress or impairment.

Cocaine

A powerful and addictive stimulant drug extracted from the leaves of the coca plant, which increases levels of dopamine in the brain circuits regulating pleasure and movement.

Physiological Responses

The body's automatic reactions to internal or external stimuli, often part of the nervous and endocrine systems' roles.

Tolerance

The process by which one's body becomes less responsive to a substance or a stimulus after repeated exposure.