S. McMurray and F. Kohl share net income and net loss equally. (a) Which account(s) is (are)
Question:
S. McMurray and F. Kohl 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. McMurray withdraws $30,000 in cash for personal use in lieu of salary, which account is debited and which is credited?
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Related Book For 
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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