Table 12-8 Jimmy, Johnny, and Joey Are Partners in the 3J Company

question 202

Multiple Choice

Table 12-8
Jimmy, Johnny, and Joey are partners in the 3J Company sharing profits and losses equally. Joey has decided to leave the partnership. After all accounts have been updated, the capital balances of the partners are currently $90,000, $120,000, and $70,000, respectively.
-Refer to Table 12-8.Assume Joey takes $50,000 in cash and a promissory note for $30,000.The entry to record his withdrawal would NOT include:

• A) debit to Joey, Capital for $70,000
• B) debit to Jimmy, Capital for $5,000
• C) credit to Note Payable for $30,000
• D) credit to Joey, Capital for $10,000

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Definitions:

Negative Punishment

A behavioral principle where the removal of a desirable stimulus following a behavior decreases the likelihood of that behavior occurring in the future.

Shaping

Gradual training that rewards behavior progressively closer to the desired one.

Positive Punishment

A concept in behavioral psychology where an undesirable stimulus is introduced following a behavior to decrease that behavior's frequency.

Secondary Learning

The process of acquiring knowledge or skills that builds upon or derives from previously learned primary concepts or abilities.