Please dont use any AI.It's strictly prohibited. The appropriate format of the December 31, 2023, closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn theirsalaries from the partnership during the year, isA) John, DrawingHope, DrawingB)C)D)E)Salaries PayableSalaries ExpenseJohn, DrawingHope, DrawingJohn, CapitalHope, CapitalSalaries PayableJohn, CapitalHope, CapitalJohn, DrawingHope, DrawingJohn, CapitalHope, CapitalDrawing ExpenseMultiple ChoiceOption A.DebitXXXXXXXXXXXXXXXXXXXXXXXXXXXCreditXXXXXXXXXXXXXXXXXXXXX

The journal entries are prepared to reocrd the transactions on regular basis. The closing entries…

The appropriate format of the December 31, 2023, closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn th salaries from the partnership during the year, is A) B) C) D) E) John, Drawing Hope, Drawing Salaries Payable Salaries Expense John, Drawing Hope, Drawing John, Capital Hope, Capital Salaries Payable John, Capital Hope, Capital John, Drawing Hope, Drawing John, Capital Hope, Capital Drawing Expense Debit XXX XXX XXX XXX XXX XXX XXX XXX XXX Credit XXX XXX XXX XXX XXX XXX XXX

The appropriate format of the December 31, 2023, closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn th salaries from the partnership during the year, is A) B) C) D) E) John, Drawing Hope, Drawing Salaries Payable Salaries Expense John, Drawing Hope, Drawing John, Capital Hope, Capital Salaries Payable John, Capital Hope, Capital John, Drawing Hope, Drawing John, Capital Hope, Capital Drawing Expense Debit XXX XXX XXX XXX XXX XXX XXX XXX XXX Credit XXX XXX XXX XXX XXX XXX XXX

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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Question

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Please dont use any AI.

It's strictly prohibited.

The appropriate format of the December 31, 2023, closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn their
salaries from the partnership during the year, is
A) John, Drawing
Hope, Drawing
B)
C)
D)
E)
Salaries Payable
Salaries Expense
John, Drawing
Hope, Drawing
John, Capital
Hope, Capital
Salaries Payable
John, Capital
Hope, Capital
John, Drawing
Hope, Drawing
John, Capital
Hope, Capital
Drawing Expense
Multiple Choice
Option A.
Debit
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
XXX
Credit
XXX
XXX
XXX
XXX
XXX
XXX
XXX

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

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