The journal entries to record (a) partner’s initial capital investment, (b) their cash withdrawals and (c) closing entries to close withdrawal and income summary accounts.

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Chapter 12, Problem 6E

Requirement-1:

To determine

To prepare: The journal entries to record (a) partner’s initial capital investment, (b) their cash withdrawals and (c) closing entries to close withdrawal and income summary accounts.

Requirement-2:

To determine

To determine: The balance of partner’s capital accounts as on December 31, 2015

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