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

question 199

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 $100,000 in cash.The entry to record his withdrawal from the partnership includes a:

• A) debit to Jimmy, Capital for $30,000
• B) credit to Johnny, Capital for $15,000
• C) debit to Johnny, Capital for $15,000
• D) debit to Joey, Capital for $100,000

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Definitions:

Emanuel African Methodist Episcopal Church

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