S. Pletcher and F. Holt share net income and net loss equally. (a) Which account(s) is (are)

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S. Pletcher and F. Holt share net income and net loss equally.
(a) Which account(s) is (are) debited and credited to record the division of net income between the partners?
(b) If S. Pletcher withdraws $30,000 in cash for personal use in lieu of salary, which account is debited and which is credited?

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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