Raul and Bianca are partners. Raul has a capital balance of $50,000 and Bianca has a capital balance of $37,000. Bianca sells half of her ownership interest to Bill for $20,500. Which of the following is TRUE of the journal entry to record this transaction?
A) Bianca, Capital is credited for $18,500 and Raul, Capital is debited for $18,500.
B) Bill, Capital is credited for $20,500 and Raul, Capital is debited for $20,500.
C) Bill, Capital is credited for $18,500 and Bianca, Capital is debited for $18,500.
D) Bianca, Capital is credited for $20,500 and Raul, Capital is debited for $20,500.
B) Bill, Capital is credited for $20,500 and Raul, Capital is debited for $20,500.
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A. core values system B. low-context culture C. expatriate system D. societal value system E. high-context culture
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Editorials, expert articles, cases, events, and interviews are examples of
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Which of the following is characteristic of a general partnership?
A) The partners have co-ownership of partnership property. B) The partnership is subject to federal income tax. C) The partnership has an unlimited life. D) The partners have limited liability.