Refer to Table 8. Assume Joey takes $100,000 in cash. The entry to record his withdrawal from the partnership includes a:
A. debit to Jimmy, capital for $30,000
B. credit to Johnny, capital for $15,000
C. debit to Johnny, capital for $15,000
D. debit to Joey, capital for $100,000
Answer:C
Refer to Table 8. Assume Joey takes $100,000 in cash. The entry to record his withdrawal from the partnership includes a:
A. debit to Jimmy, capital for $30,000 B. credit to Johnny, capital for $15,000 C. debit to Johnny, capital for $15,000 D. debit to Joey, capital for $100,000