Gary,Peter and Chris Are Partners

question 91

Multiple Choice

Gary,Peter and Chris are partners.Their capital balances are,$25,000;$39,000;and $33,000,respectively.As per the partnership agreement,Gary gets a profit share of 2/9;Peter has 4/9;and Chris has 3/9.Gary withdraws from the partnership by receiving $25,000.What will be the impact of this transaction on the journal entries?

• A)Peter,capital will be debited for $2286.
• B)Cash will be debited for $25,000.
• C)Gary,capital will be debited for $25,000.
• D)Chris,capital will be credited for $2286.

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Definitions:

Cortisol Levels

The concentration of cortisol, a stress hormone, in the blood, which can affect various bodily functions.

Stressor

Any event, experience, or environmental stimulus that causes stress in an individual.

Experimental Group

In an experiment, this group receives or is exposed to the treatment or condition being tested, in contrast to the control group.

Independent Variable

In an experimental setting, the variable that is manipulated or controlled by the researcher to observe its effects on the dependent variable.