McCartney,Harris,and Hussin Are Dissolving Their Partnership

question 102

Multiple Choice

McCartney,Harris,and Hussin are dissolving their partnership.Their partnership agreement allocates income and losses equally among the partners.The current period's ending capital account balances are McCartney,$15,000,Harris,$15,000,Hussin,$(2,000) .After all the assets are sold and liabilities are paid,but before any contributions to cover any deficiencies,there is $28,000 in cash to be distributed.Hussin pays $2,000 to cover the deficiency in his account.The general journal entry to record the final distribution would be:

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Definitions:

Socialization

The process through which individuals learn and internalize the values, behaviors, and norms of their society or cultural group, shaping their personalities and social behavior.

Ethnicity

A social group that shares a common and distinctive culture, religion, language, or the like, reflecting cultural identity.

Gender Segregation

The division of individuals based on their gender, leading to separate roles, spaces, or activities for men and women.

Gender Intensification

The process by which individuals begin to experience and enact more rigid gender roles during adolescence, influenced by societal and peer pressures.