Concept explainers
Concept Introduction:
Rule of Debit and Credit
a. Debit What comes in and Credit What goes out
b. Debit is the receiver and Credit is the giver.
c. All gains and income are credit and all losses and expenses are debit.
Capital Contribution: Capital Contribution is the amount contributed by Partners in a firm. It can be in Cash or in Kind. Like Partner can bring any asset as a capital contribution.
Requirement 1
To Prepare: Journal Entries for Withdrawal’s made by Jonah Allocca of $80,000
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