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Camila, Dani, and Olivia are members of an Limited liability company (LLC) and share net income and loss equally. Olivia withdraws from the business when equity for each member is Camila, $19,800; Dani, $6,800; and Olivia, $8,800. Olivia is paid $13,600 for her equity in the LLC. Prepare the entry to record Olivia's withdrawal. Hint: Use the following LLC equity accounts: Camila, Member Equity; Dani, Member Equity, Olivia, Member Equity.

Camila, Dani, and Olivia are members of an Limited liability company (LLC) and share net income and loss equally. Olivia withdraws from the business when equity for each member is Camila, $19,800; Dani, $6,800; and Olivia, $8,800. Olivia is paid $13,600 for her equity in the LLC. Prepare the entry to record Olivia's withdrawal. Hint: Use the following LLC equity accounts: Camila, Member Equity; Dani, Member Equity, Olivia, Member Equity.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Camila, Dani, and Olivia are members of an Limited liability company (LLC) and share net income and loss equally. Olivia withdraws from the business when equity for each member is Camila, $19,800; Dani, $6,800; and Olivia, $8,800. Olivia is paid $13,600 for her equity in the LLC. Prepare the entry to record Olivia's withdrawal. Hint: Use the following LLC equity accounts: Camila, Member Equity; Dani, Member Equity, Olivia, Member Equity.
Transcribed Image Text:Camila, Dani, and Olivia are members of an Limited liability company (LLC) and share net income and loss equally. Olivia withdraws from the business when equity for each member is Camila, $19,800; Dani, $6,800; and Olivia, $8,800. Olivia is paid $13,600 for her equity in the LLC. Prepare the entry to record Olivia's withdrawal. Hint: Use the following LLC equity accounts: Camila, Member Equity; Dani, Member Equity, Olivia, Member Equity.
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