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Question - Partnership records show the following capital balances at the date of Hopkin's withdrawal: M. Hammel, $80,000; D. Hopkins, $210,000; and P. Houghton, $100,000. The three partners share income and loss equally. On December 31, after the death of Hopkins, the two remaining partners, Hammel and Houghton, and the estate of Hopkins agree that a payment of $200,000 will be made to settle the capital balance of Hopkins. Prepare the December 31 journal entry for the partnership.
Issued additional notes payable of ?5,000 in exchange for cash. How much are the ending balances of cash and notes payable, respectively?
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You have been hired as an account for the OPQ Distribution Company. The company sells medical supply products to hospitals and doctor offices used for a resale.
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What is the amount of the replenishment check on December 15? The BOD of Nancy Inc. authorized the set-up of petty cash fund on December
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