Principles of Financial Accounting.
Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
Question
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Chapter 12, Problem 7E

1.

To determine

Prepare the journal entry to record

  1. (a) The partners’ initial capital investments
  2. (b) Their cash withdrawals
  3. (c) The December 31 closing of both the withdrawals and income summary accounts

2.

To determine

Determine the balances of the partners’ capital accounts as of December 31.

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