Harry,Tony,and Liza Run a Partnership Firm

question 155

Multiple Choice

Harry,Tony,and Liza run a partnership firm.In the process of liquidation,the partnership sells non-cash assets,having a book value of $78,000,for $86,000.Which of the following is true of the journal entries?

• A)Cash will be credited by $8,000.
• B)Non-cash assets will be credited for $86,000.
• C)Cash will be credited for $78,000.
• D)Non-cash assets will be credited for $78,000.

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Definitions:

Insecurely Attached

A type of attachment style where individuals have difficulty forming secure and trusting relationships with others.

Pronoun Reversal

The common speech error in young children where they mistakenly use pronouns, such as saying "you" instead of "I".

Unusual Speech Pattern

Deviations in the rhythm, pitch, or articulation of speech from the typical language norms, which can indicate a speech or language disorder.

Insecure Attachment

A type of emotional bond where there is a lack of security felt by a child, often resulting from inadequate or inconsistent caregiving.