Which of the Following Statements Is Correct

question 41

Multiple Choice

Which of the following statements is correct?

• A)The general ledger of a partnership will include a single capital account, whose balance represents the combined equity of all the partners.
• B)Past-due accounts receivable should not be transferred from the financial records of a sole proprietorship to a newly formed partnership.
• C)The financial records of a new partnership are opened with a memorandum entry in the general journal.
• D)A new partner must purchase the partnership interest of another partner.

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