McCartney,Harris and Hussin Are Dissolving Their Partnership B) C) D)

question 113

Multiple Choice

McCartney,Harris and Hussin are dissolving their partnership.Their partnership agreement allocates income and losses equally among the partners.The current period's ending capital account balances are McCartney,$15,000,Harris,$15,000,Hussin,$(2,000) .After all the assets are sold and liabilities are paid,but before any contributions to cover any deficiencies,there is $28,000 in cash to be distributed.Hussin pays $2,000 to cover the deficiency in his account.The general journal entry to record the final distribution would be:

• A)
• \(\begin{array}{|l|c|c|}
• \hline \text { Mc Cartney, Capital. } & 15,000 \\
• \hline \text { Harris, Capital. } & 15,000 \\
• \hline \text { Cash. } &&30,000 \\
• \hline
• \end{array}\)
• B)
• \(\begin{array}{|l|c|c|}
• \hline \text { Mc Cartney, Capital. } & 14,000 \\
• \hline \text { Harris, Capital. } & 14,000 \\
• \hline \text { Cash. } &&28,000 \\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|l|c|c|}
• \hline \text { McCartney, Capital. } & 15,000 & \\
• \hline \text { Harris, Capital. } & 15,000 & \\
• \hline \text { Hussin, Capital.. } & & 2,000 \\
• \hline \text { Cash. } & & 28,000 \\
• \hline
• \end{array}\)
• D)
• \(\begin{array}{|l|c|c|}
• \hline \text { McCartney, Capital. } & 15,000 & \\
• \hline \text { Harris, Capital. } & 15,000 & \\
• \hline \text { Hussin, Capital } & & 2,000 \\
• \hline \text { Cash. } & & 28,000 \\
• \hline
• \end{array}\)
• E)
• \(\begin{array}{|l|c|c|}
• \hline \text { McCartney, Capital. } & 9,334 \\
• \hline \text { Harris, Capital. } & 9,333 \\
• \hline \text { Hussin, Capital. } & 9,333 \\
• \hline \text { Cash. } &&28,000 \\
• \hline
• \end{array}\)
• \[\begin{array} { | l | r | r | r | r | }
• \hline & & \text { Capital } & & \\
• \hline & \text { Cash } & \text { McCartney } & \text { Haris } & \text { Hussin } \\
• \hline & \$ 28,000 & \$ 15,000 & \$ 15,000 & \$ ( 2,000 ) \\
• \hline \text { Contribution by Hussin } & 2,000 & & & 2,000 \\
• \hline \text { Allocate cash } & ( 30,000 ) & ( 15,000 ) & ( 15,000 ) & 0 \\
• \hline
• \end{array}\]

---

Definitions:

Topic Sentence

A sentence that expresses the main idea of the paragraph in which it occurs, serving as a summary or introduction to the content that follows.

Walt Disney

An American film producer, director, screenwriter, voice actor, and animator, founder of The Walt Disney Company.

Oswald The Rabbit

An early animated cartoon character created by Walt Disney and Ub Iwerks, predating Mickey Mouse and known for its significance in animation history.

Greek Myth

A collection of stories belonging to the ancient Greeks concerning their gods and heroes, the nature of the world, and the origins and significance of their religious practices.