Simonsen,Paulson,and Richardson Are Partners in a Firm with the Following

question 21

Multiple Choice

Simonsen,Paulson,and Richardson are partners in a firm with the following capital account balances: $$\begin{array} { | l | l | } \hline \text { Simonsen } & \$ 40,000 \\\hline \text { Paulson } & 180,000 \\\hline \text { Richardson } & 120,000 \\\hline\end{array}$$ Paulson is retiring from the partnership on December 31,2018.The profit-and-loss-sharing ratio among Simonsen,Paulson,and Richardson is 1:3:2,in the order given.Paulson is paid $100,000 cash in full compensation for her capital account balance.Which of the following journal entries would the firm record for this transaction? (Round the final answer to the nearest dollar.)

• A) \[\begin{array} { | c | c | c | }
• \hline \text { Paulson, Capital } & 100,000 & \\
• \hline \text { Cash } & & 100,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Paulson, Capital } & 180,000 & \\
• \hline \text { Cash } & & 100,000 \\
• \hline \text { Simonsen, Capital } & & 26,667 \\
• \hline \text { Richardson, Capital } & & 53,333 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | l | }
• \hline \text { Cash } & 180,000 & \\
• \hline \text { Paulson, Capital } & & 180,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Paulson, Capital } & 180,000 & \\
• \hline \text { Simonsen, Capital } & & 40,000 \\
• \hline \text { Richardson, Capital } & & 40,000 \\
• \hline \text { Cash } & & 100,000 \\
• \hline
• \end{array}\]

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Definitions:

Business Partners

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