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:

Execution

The carrying out of a sentence of death on a condemned person; or, more broadly, the process of executing a task or order.

Ethical Relativism

The perspective that moral judgments and ethical standards are relative to the cultural, societal, or personal context in which they occur.

Cultural Relativism

The principle that an individual's beliefs and activities should be understood by others in terms of that individual's own culture.

Ethical Absolutism

The moral philosophy positing that universal moral standards exist, enabling the judgment of actions as inherently good or bad, irrespective of the circumstances surrounding the action.