Ben Bowman and Savannah Mapes formed a limited liability company with an operating agreement that provided a
Question:
(a) Determine the division of $188,000 net income for the year.
(b) Provide journal entries to close the
(1) Income summary and
(2) Drawing accounts for the two members.
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a Determining the division of 188000 net income for the year 53000 35 31800 53000 ...View the full answer
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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