Aries and Eros Start a Partnership with Capital Contributions of $36,000

question 150

Multiple Choice

Aries and Eros start a partnership with capital contributions of $36,000 and $55,000,respectively.Over the course of the year,Aries withdraws $5100 from the business in order to meet his personal expenses.Which of the following is the correct journal entry to record the above withdrawal?

• A) \[\begin{array} { | c | r | r | }
• \hline \text { Aries, Withdrawals } & 5100 & \\
• \hline \text { Cash } & & 5100 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Aries, Withdrawals } & 5100 & \\
• \hline \text { Aries, Capital } & & 5100 \\
• \hline
• \end{array}\]
• C) No entry
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Aries, Withdrawals } & 5100 & \\
• \hline \text { Eros, Capital } & & 5100 \\
• \hline
• \end{array}\]

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Definitions:

Aftermath

The consequences or effects that follow a significant event or disaster.

Stress

A physical, mental, or emotional factor that causes bodily or mental tension.

Agora

In ancient Greece, a central public space in city-states used for assemblies and markets; often considered the heart of social life.

Ancient Greece

A civilization belonging to a period of Greek history that lasted from the Dark Ages to the end of antiquity (circa 600 AD).