Mack, Harris, and Huss Are Dissolving Their Partnership

question 30

Multiple Choice

Mack, Harris, and Huss are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Mack, $15,000, Harris, $15,000, Huss, $(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. Huss pays $2,000 to cover the deficiency in his account. The general journal entry to record the final distribution would be:

• A) Debit Mack, Capital $15,000; debit Harris, Capital $15,000; credit Cash $30,000.
• B) Debit Mack, Capital $14,000; debit Harris, Capital $14,000; credit Cash $28,000.
• C) Debit Mack, Capital $15,000; debit Harris, Capital $15,000; credit Huss, Capital $2,000; credit Cash $28,000.
• D) Debit Cash $28,000; debit Huss, Capital $2,000; credit Mack, Capital $15,000; credit Harris, Capital $15,000.
• E) Debit Mack, Capital $9,334; debit Harris, Capital $9,333; debit Huss, Capital $9,333; credit Cash $28,000.

Grasp the economic motivations behind European colonization efforts, including the slave trade and the search for new trade routes.

Assess the significant outcomes of early European explorations, such as the Columbian exchange.

Understand the role of key figures and events in the colonization of the Americas and the subsequent effects on Native American populations.

Understand the concept of the curse of knowledge in professional settings.

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Definitions:

Serotonin

A neurotransmitter in the brain that plays a key role in modulating mood, emotions, and various bodily functions like sleep and appetite.

Schizophrenia

A long-lasting and serious psychological condition that influences an individual's thinking, emotional state, and actions, typically marked by false beliefs, sensory experiences without a stimulus, and confused thought processes.

Schizophrenia

is a serious mental disorder characterized by disturbances in thought, perception, and behavior.

Greek

Pertaining to Greece, its language, culture, or people.