Floyd and Merriam Start a Partnership Business on June 12

question 104

Multiple Choice

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows: Floyd agrees to sell off half of his share to Ramelow in exchange for $30,000 cash. Which of the following is the correct journal entry in the books of the firm for the above transfer of interest?

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Definitions:

Pith

The central core of certain plants' stems and branches, consisting of soft, spongy parenchyma cells.

Caloric Intake

The total amount of calories consumed from foods and beverages over a specific period of time.

Non-eating Activities

Activities designed to engage individuals, particularly those with eating disorders, in productive and enjoyable tasks that do not involve food.

Fluid Intake

The quantity of liquid consumed by an organism, crucial for maintaining hydration, nutrient absorption, and overall health.