Examlex
Lemon and Parks are partners. On October 1, Lemon's capital balance is $75,000, and Parks' capital balance is $125,000. With the partnership's approval, Parks sells ½ of his partnership interest to Tambling for $70,000. Prepare the journal entry to record this transaction in the partnership records.
Personal Service
Customized assistance or work performed directly for an individual rather than for a mass of consumers or organization.
LLC
Limited Liability Company; a business structure in the United States that provides the owners with limited liability protection, while offering the tax benefits of a partnership.
Register
To record or enroll formally, especially in a list, database, or book, or the part of the brain that deals with speech and language processing.
Paperwork
Generally involves the handling, processing, or managing of documents and forms required in the administration of business, legal, or other official activities.
Q23: What annual interest rate is required to
Q30: Barber and Atkins are partners in an
Q37: To increase an asset account, we would
Q75: Given the following errors, identify the one
Q91: The _ is found by determining the
Q95: The debt ratio of Jackson's Shoes is
Q110: When a partnership is liquidated, its business
Q119: Net income divided by net sales is
Q148: Mesner's and Sanchez's company is organized as
Q241: A balanced trial balance is proof that