When an Existing Partner Sells Interest in the Partnership and Goodwill

question 38

Multiple Choice

When an existing partner sells interest in the partnership and Goodwill is recognized, what is the likely entry made:

• A)​Debit Expense
• B)​Debit selling partners' Drawing
• C)​Debit Capital
• D)Debit cash​

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Definitions:

Bandura

Albert Bandura, an influential psychologist, known for his social learning theory and the concept of self-efficacy.

Behavior Therapist

A mental health professional specialized in treating psychological disorders by focusing on modifying negative behaviors into positive ones.

Psychoanalytic

A branch of psychology that studies how unconscious motives and conflicts shape human behavior.

Rational-emotive

A form of psychotherapy that focuses on resolving emotional and behavioral problems by changing irrational beliefs into more rational ones.