How would you enter this in the journal, Accounting Basics

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How would you enter this in the journal

Meir, Zarcus, and Ross are partners and share income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Meir, $43,000; Zarcus, $179,000; and Ross, $228,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement.

Zarcus is paid $217,000 in partnership cash for her equity.
How would you enter this in the journal?

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Accounting Basics: How would you enter this in the journal

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The partnership's capital balances are as follows: Meir, $43,000; Zarcus, $179,000; and Ross, $228,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement.

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Accounting Basics: How would you enter this in the journal

Reference No:- TGS0699247

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: How would you enter this in the journal

Reference No:- TGS0699247

Recent Questions Asked Accounting Basics

Q : What type of lease is this for the lessor

Q : Find distance between initial and final position of shadows

Q : Oxidation-reduction equilibrium

Q : Prepare an amortization table for the bonds

Q : How would you enter this in the journal

Q : Develop the adjusting entry for year end

Q : Determine the amount and character

Q : Problem based on gas-filled balloon

Q : What are the tax status of the property

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