When Danny Withdrew from John, Daniel, Harry, and Danny, LLP

question 4

Multiple Choice

When Danny withdrew from John, Daniel, Harry, and Danny, LLP, he was paid $80,000, although his capital account balance was only $60,000. The four partners shared net income and losses equally. The journal entry to record the effect on John's capital due to Danny's withdrawal would include:

• A) $6,667 debit to John, Capital.
• B) $6,667 credit to John, Capital.
• C) $20,000 debit to John, Capital.
• D) $5,000 debit to John, Capital.
• E) $5,000 credit to John, Capital.

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Definitions:

#ifndef

A preprocessor directive in C and C++ used for conditional compilation, ensuring code within the directive is compiled only if the given macro is not defined.

Preprocessor Directive

Instructions processed before the actual compilation of code in languages like C and C++, used for conditions, macros, and include files.

#ifdef

A preprocessor directive used in C and C++ programming to conditionally compile code if a specified macro is defined.

Preprocessor Directive

A command that is executed by the compiler before actual compilation begins, instructing it to perform specific operations such as including other files or defining constants.