Jay john inc. recently paid a $40,000 installment on its 20-year mortgage. out of the $40,000 total payment, $12,000 went towards reducing the principal, and the balance went towards interest. the journal entry to record this payment includes a

During a liquidation, a partner's capital account balance drops below zero. what should happen? select one: a. the deficit balance should be removed from the accounting records with only the remaining partners sharing in future gains and losses.b. the partner with a deficit should contribute enough assets to offset the deficit balance if he is solvent.c. the other partners should contribute enough assets to offset the amount of deficit if the partner with a deficit is insolvent.d. both b & c