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Keith and Jim formed a partnership, with the partners sharing pro year. The entry to close the net loss will debit Income Summary by $4,000 decrease Keith, Capital by $2,000 decrease Jim, Capital by $4,000 increase Jim, Capital by $2,000

Keith and Jim formed a partnership, with the partners sharing pro year. The entry to close the net loss will debit Income Summary by $4,000 decrease Keith, Capital by $2,000 decrease Jim, Capital by $4,000 increase Jim, Capital by $2,000

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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Keith and Jim formed a partnership, with the partners sharing profits and losses equally. The partnership incurs a net loss of $4,000 for the year. The entry to close the net loss will debit Income Summary by $4,000 decrease Keith, Capital by $2,000 decrease Jim, Capital by $4,000 increase Jim, Capital by $2,000
Transcribed Image Text:Keith and Jim formed a partnership, with the partners sharing profits and losses equally. The partnership incurs a net loss of $4,000 for the year. The entry to close the net loss will debit Income Summary by $4,000 decrease Keith, Capital by $2,000 decrease Jim, Capital by $4,000 increase Jim, Capital by $2,000
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