Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows: Brislin Capital   $602,000 Humphreys, Capital   368,000 Watkins, Capital   261,000 Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances:   The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title                                                                        enter a debit amount enter a credit amount select an account title                                                                        enter a debit amount enter a credit amount select an account title                                                                        enter a debit amount enter a credit amount select an account title                                                                        enter a debit amount enter a credit amount

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 29P
icon
Related questions
Question
100%

Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows:

Brislin Capital   $602,000
Humphreys, Capital   368,000
Watkins, Capital   261,000


Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances:

 

The partners agree that Watkins should be paid $221,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

Account Titles and Explanation
Debit
Credit
select an account title                                                                       
enter a debit amount
enter a credit amount
select an account title                                                                       
enter a debit amount
enter a credit amount
select an account title                                                                       
enter a debit amount
enter a credit amount
select an account title                                                                       
enter a debit amount
enter a credit amount
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Partners and Partnerships
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College