Multiple Choice
After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Golden, $30,000; Chavez, $40,000; McGinnis, $55,000. If McGinnis retired and withdrew $50,000 in settlement of his/her equity, the amount entered in McGinnis's capital account would be a
A) $5,000 credit.
B) $50,000 credit.
C) $55,000 debit.
D) $55,000 credit.
Correct Answer:

Verified
Correct Answer:
Verified
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