Below is an alphabetical listing of the accounts in the general ledger of Clay and Ogletree, LLP,
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![Below is an alphabetical listing of the accounts in the](https://dsd5zvtm8ll6.cloudfront.net/si.question.images/image/images14/1257-B-M-A-M-A(2905).png)
Additional information:
1. The balance in Clay's capital account includes an additional investment of $10,000 made during the year.
2. $5,000 of the note payable is due within the next year.
3. Clay and Ogletree share profit and loss in the ratio of 3:2, respectively.
Instructions
(a) Prepare an income statement, statement of partners' equity, and balance sheet.
(b) Journalize the closing entries.
TAKING IT FURTHER
Should the two partners draw equal amounts each year? Both of them work full-time for the partnership.
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Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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