Mariela DeJesus and Natasha Faircloth started the partnership In Shape Fitness. Mariela contributed a capital balance of
Question:
Mariela DeJesus and Natasha Faircloth started the partnership In Shape Fitness. Mariela contributed a capital balance of $35,000. Natasha’s capital contribution totaled $45,000. Their partnership agreement specified sharing net profits and net losses on the basis of their capital balances. The net loss for their first year of operation for In Shape Fitness was $28,500.
Instructions
Prepare the journal entry required to divide the net loss between the partners. Use the journal in your working papers to record your entry.
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Debit Credit Mariela DeJesus 9875 Natasha Faircloth 18625 Partners ...View the full answer
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