Wooley and Murley Each Sell 1/3 of Their Partnership Interest

question 47

Multiple Choice

Wooley and Murley each sell 1/3 of their partnership interest to Downer, receiving $20,000 each. At the time of the admission, each partner has a $60,000 capital balance. The entry to record the admission of Downer will show a

• A) debit to Cash for $40,000.
• B) credit to Downer, Capital for $60,000.
• C) debit to Murley, Capital for $60,000.
• D) debit to Wooley, Capital for $20,000.

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