Kenny and Jeff Form a Partnership

question 54

Multiple Choice

Kenny and Jeff form a partnership.During the year,Kenny and Jeff withdraw $30,000 and $23,000,respectively.Which of the following will be included in the journal entry to record the withdrawals?

• A) debit to Kenny, Withdrawals for $30,000
• B) debit to Jeff, Withdrawals for $7000
• C) credit to Kenny, Withdrawals for $30,000
• D) credit to Jeff, Withdrawals for $23,000

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Definitions:

Inhalation

The act of breathing in air or other substances, which can include gases, dusts, and vapors, into the lungs.

Nervous System

The system of neurons and their fibers that carry nerve signals across the body, integrating its functions and sensory data.

Output Approach

A method measuring economic or productivity levels by the quantity of goods and services produced.

Recycling

The process of converting waste materials into new products to prevent waste of potentially useful materials, reduce the consumption of fresh raw materials, and lower greenhouse gas emissions.