1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tresset_1 [31]
3 years ago
7

Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership's capital balances are as follows: Wrig

ht, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not to revalue the assets upon Edison's retirement. The journal entry to record Edison's June 1 withdrawal from the partnership if Edison is paid $40,000 for his equity is:
Business
1 answer:
Arte-miy333 [17]3 years ago
5 0

Debit Edison, capital $40,000 ; Credit Whitney,capital $40,000

Explanation: There are three golden rules for accountancy out of which for this provided question, the accounting rule is applied as follows:

Debit the receiver and credit the giver.

The reason why this entry is applicable  because capital account is personal account and company's capital account  is making the payment to Edison.

You might be interested in
What is a nonprofit corporation, and how is it different from a C corporation?
nalin [4]

Answer:

A corporation is to make profit

non-profit coorporation don't have any shareholders, so they serve a different function. Thier focus is on something other than making profit

3 0
2 years ago
Read 2 more answers
All of the following are functions of a knowledge management system EXCEPT: a. designing information systems. b. improving colla
Alika [10]

Answer:

designing information systems

Explanation:

knowledge management system are system designed to managed the knowledge of a company. The design of IT Systems is not under it scope.

7 0
3 years ago
A modification to a product that changes the taste, texture, sound, smell, or appearance is a(n) _______.
Paha777 [63]

A modification to a product that changes the taste, texture, sound, smell, or appearance is a <u>style modification.</u>

<u></u>

Product modification is the process of improving already-existing items by making the required adjustments to their nature, size, packing, colour, and other attributes in order to better meet changing market demands. The goal of the product change is to retain current demand, draw in new customers, and effectively compete with rivals.

The company's earnings improve as a result of increased sales, which are aided by this. The product's look is altered as part of the style enhancement plan. Nevertheless, a product's quality never changes. Here, the product's packaging or its shape, colour, or other characteristics may be altered. The fashion business frequently employs this tactic.

To learn more about Product modification here,

brainly.com/question/13922806

#SPJ1

6 0
2 years ago
Provide the economic term/concept for this description. *NO ABBREVIATIONS*
elena55 [62]

Answer:

8gc uv u o du I. 8. o ixd u. o

5 0
2 years ago
A note receivable Mild Max Cycles discounted with recourse was dishonored on its maturity date. Mild Max would debit: A receivab
Leviafan [203]

Answer:

A receivable.

Explanation:

Mild Max Cycles had a notes receivables, which it already discounted with some financial institution, which later on the maturity date stand to be dishonored.

It is clear that the company earlier already collected the money against it, but now as the note receivable was discounted with recourse that is it provided assurance to the financial institution, in case of any failure, thus, the company will pay back to the financial institution and that the company still have the right to receive it back from the note receivable.

7 0
3 years ago
Other questions:
  • California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $35 per share. Later in the year, the compa
    5·1 answer
  • The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $
    9·1 answer
  • ABC Corporation uses the weighted-average method in its process costing system.
    8·1 answer
  • 18. Information gained by applying someone else's survey information to your business is called A. potential customer sourcing.
    14·2 answers
  • you learned a variety of fundamental economic concepts. Identify two of the following principles, and apply them to the real-wor
    7·1 answer
  • You wish to buy a Euro Call Option expiring in 6 months with a strike price of $1.35. The volatility of the $/Euro exchange rate
    7·1 answer
  • Complete the following passage concerning macro economics.
    9·1 answer
  • Which of the following statements are true? Period costs are expensed in the same period in which they are incurred. Period cost
    11·1 answer
  • In the trial balance, all the accounts with debit balances are listed before the accounts with credit balances.
    6·1 answer
  • My question is what is in decentralization​
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!