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Komok [63]
3 years ago
9

Able, Baker, and Carter have partnership capital account balances of $600000 each. Income and losses are shared equally. Carter

agrees to sell three-fourths of his ownership interest to Able for $525000 and one-fourth to Baker for $187500. Able and Baker will use personal assets to purchase Carter’s interest. The partnership's entry to record Carter’s withdrawal from the partnership would be
Business
1 answer:
poizon [28]3 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

Carter's Capital Dr $600,000

                 To Able's Capital $450,000    (3 ÷ 4 × $600,000)

                To Baker's Capital $150,000

(Being Carter’s withdrawal from the partnership is recorded)

For recording this we debited the carter capital as it shows the withdrawn amount and credited the able capital and baker capital so that the total withdrawn collected from these partners could come

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Matty Kaminsky owns a new Volvo. His June monthly interest is $400. The rate is 8 ½%. Matty's principal balance at the beginning
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Answer:

$56,470.59

Explanation:

We need to calculate the principal amount  at the beginning of June

Data:

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Solution:

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Formula: I = Prt

Note; Where P in the formula is the principal amount

Now rearrange the formula in order to find principal

P = I/rt

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Note: we only need to find the principal balance of June so we will consider only 30 days of June out of 360 days.

5 0
3 years ago
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual in
Mandarinka [93]

Answer:

A Merchandising Company

Journal Entries:

Nov. 5:

Debit Inventory $6,000

Credit Accounts Payable $6,000

To record the purchase of 600 units of a product at a cost of $10 per unit, terms, 2/10, n/60.

Nov. 7:

Debit Accounts Payable $250

Credit Inventory $250

To record the return of 25 defective units.

Nov. 15:

Debit Accounts Payable $5,750

Credit Cash Discount $115

Credit Cash Account $5,635

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The journal entries show the accounts affected by each transaction.  Two or more accounts are usually affected.  One account receives value and is debited and the other gives value, and it is credited.

The trade terms 2/10, n/60 implies that a cash discount of 2% on the outstanding balance exists for early settlement on account within 10 days and the credit period should not exceed 60 days or two months.

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3 years ago
What are the factors which effect credit risk ?​
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