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Three partners are liquidating and have capital balances as follows: Mia $5,000; Carlyle $9,000; and Roger ($3,000). Roger will pay back his deficiency. The entry to record this transaction will include
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Three partners are liquidating and have capital balances as follows: Mia $5,000; Carlyle $9,000; and Roger ($3,000). Roger will pay back his deficiency. The entry to record this transaction will include a (debit/credit) ________ to Roger, Capital in the amount of _______.

User Hisaki
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Answer: credit; $3000

Explanation: Three partners are liquidating and have capital balances as follows: Mia $5,000; Carlyle $9,000; and Roger ($3,000). Roger will pay back his deficiency. The entry to record this transaction will include a credit to Roger, Capital in the amount of $3000.

This is because he will have to credit $3000 so that he will be able to cover his deficit

User UkFLSUI
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