Chapter 5
Partnerships
230
f ) Prepare the journal entry to record the admission of Sharon from part e).
Date
Account Title and Explanation
Debit
Credit
Analysis
Whenever an admission or withdrawal takes place in a partnership, is it necessary to change
the name of the partnership to reflect the changes? Explain.
AP-9A (
5
)
Tanisha Vanscyoc and Kurt Vicini operate a partnership that produces custom-made furniture.
On April 12, 2016, Tanisha withdrew $50,000 in cash. On April 15, Kurt removed a sofa and
chairs worth $30,000 for use in his own home.
Required
a) Write the journal entry to record these transactions.
Date
Account Title and Explanation
Debit
Credit
