Kenny and Jeff Formed a Partnership Business

question 92

Multiple Choice

Kenny and Jeff formed a partnership business. During the year, Kenny and Jeff withdrew $30,000 and $20,000, respectively. Which of the following will be included in the journal entry to record the withdrawals?

• A)debit to Kenny, Withdrawals for $30,000
• B)debit to Jeff, Withdrawals for $25,000
• C)credit to Kenny, Withdrawals for $25,000
• D)credit to Jeff, Withdrawals for $20,000

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Definitions:

Margin of Error

An expression of the amount of random sampling error in a survey's results, indicating the range of possible true values.

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In statistics, it represents the degree of certainty or probability that a parameter lies within a specified range.

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Plus Four Confidence Interval

A variation of the confidence interval estimate that includes an adjustment for small sample sizes.