Elena Oprescu, Xiru Wang, Reg Miller, and Kendra Batty have capital balances of $25,000, $30,000, $20,000, and
Question:
a. Determine the division of income among the four partners.
b. Provide the journal entries to close the net income and withdrawals to the individual
partner equity accounts on March 31, 2015.
c. Determine the balance in Wang's capital account after the March 31, 2015, closing entries have been recorded.
d. Provide the journal entry for Wang's departure on March 31, 2015, assuming the partnership offers Wang $120,000.
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Related Book For
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
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