Kenny and Jeff form a partnership. During the year, Kenny and Jeff withdraw $30,000 and $23,000, respectively. Which of the following will be included in the journal entry to record the withdrawals?
A) debit to Kenny, Withdrawals for $30,000
B) debit to Jeff, Withdrawals for $7000
C) credit to Kenny, Withdrawals for $30,000
D) credit to Jeff, Withdrawals for $23,000
A) debit to Kenny, Withdrawals for $30,000
Explanation: The journal entry to record withdrawals will include a debit to the partner's Withdrawal
account and a credit to the Cash account.
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