Bob Freeley and Jack Hart each withdrew cash of $10,000 for personal use during the year. Using
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Requirements
1. Journalize the entries to close net income to the partners.
2. Journalize closing the partners’ drawing accounts. Explanations are not required.
3. Calculate the balances in each partners’ capital account after posting the entries.
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Related Book For
Accounting
ISBN: 978-0132569309
9th Edition
Authors: Charles T. Horngren, Walter T. Harrison Jr., M. Suzanne Oliv
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