a. What accounts are debited and credited to record a partners cash withdrawal in lieu of salary?

Question:

a. What accounts are debited and credited to record a partner’s cash withdrawal in lieu of salary?
b. At the end of the fiscal year, what accounts are debited and credited to record the division of net income among partners?
c. The articles of provide for a salary allowance of $5,000 per month to partner C. If C withdrew only $4,000 per month, would this affect the division of the net income?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...