Journal entry to record the effect on mikes capital


Problem: When Daisy withdrew from Mike, Pete, Will, and Daisy, LLP, she was paid $80,000, although her capital account balance was only $60,000. The four partners shared net income and losses equally, and no revaluation will take place. The journal entry to record the effect on Mike's capital due to Daisy's withdrawal would include: Group of answer choices $6,667 credit to Mike, Capital.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Journal entry to record the effect on mikes capital
Reference No:- TGS03417729

Expected delivery within 24 Hours