D & E are equal partners and are closing their drawing accounts on December 31. Each partner

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D & E are equal partners and are closing their drawing accounts on December 31. Each partner had withdrawn $75,000. The correct entry to close their drawing accounts would be a credit to D Drawing and E drawing for $75,000 and debit to:

D & E Capital for $75,000
D & E Cash for $150,000.00
D & E Capital for $150,000
D & E Assets for $75,000

Related Book For answer-question

Financial Reporting and Analysis

ISBN: 978-0078025679

6th edition

Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon

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Posted Date: Jan 05, 2021 09:20 AM

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D & E are equal partners and are closing their drawing accounts on December 31. Each partner

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Financial Reporting and Analysis

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