McCartney, Harris, and Hussin are dissolving their partnership.Their partnership agreement allocates each partner 1/3 of all income and losses.The current period's ending capital account balances are McCartney, $13,000; Harris, $13,000; and Hussin, $(2,000).After all assets are sold and liabilities are paid, there is $24,000 in cash to be distributed.Hussin is unable to pay the deficiency.The journal entry to record the distribution should be:
A.

B.

C.

D.

E.

Question

McCartney, Harris, and Hussin are dissolving their partnership.Their partnership agreement allocates each partner 1/3 of all income and losses.The current period's ending capital account balances are McCartney, $13,000; Harris, $13,000; and Hussin, $(2,000).After all assets are sold and liabilities are paid, there is $24,000 in cash to be distributed.Hussin is unable to pay the deficiency.The journal entry to record the distribution should be:
A.
  
B.
  
C.
  
D.
  
E.

Quizplus · Accepted Answer

The Answer of McCartney, Harris, and Hussin are dissolving their partnership.Their partnership agreement allocates each partner 1/3 of all income and losses.The current period's ending capital account balances are McCartney, $13,000; Harris, $13,000; and Hussin, $(2,000).After all assets are sold and liabilities are paid, there is $24,000 in cash to be distributed.Hussin is unable to pay the deficiency.The journal entry to record the distribution should be:
A.
  
B.
  
C.
  
D.
  
E.

McCartney, Harris, and Hussin Are Dissolving Their Partnership