LM6vX is a partnership owned by Lee, Mah, and Nguyen, who share profits and losses in the
Question:
LM6vX is a partnership owned by Lee, Mah, and Nguyen, who share profits and losses in the ratio of 5:3:2. The account balances of the partnership at September 30 follow.
Requirements
1. Prepare the September 30 entries to close the revenue, expense, income summary, and drawing accounts.
2. Insert the opening capital balances in the partners' capital accounts, post the closing entries to their accounts, and determine each partner's ending capital.
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