Question
anna Hemsley, Lacey Laffey and Madison Longshore, set up a limited liability company at the beginning of 2020. Anna contributed equipment worth $18,500. Lacey contributed
anna Hemsley, Lacey Laffey and Madison Longshore, set up a limited liability company at the beginning of 2020. Anna contributed equipment worth $18,500. Lacey contributed a van worth $11,100. Madison contributed $7,400 in cash. The partnership earned a net income of $10,600 for the year. According to the operating agreement, profits are divided in the ratio of members' initial contributions. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. Enter the debit accounts in alphabetical order, followed by the credit accounts in alphabetical order. a) Record the entry for the division of the profits on December 31, 2020. Assume that revenues and expenses have already been closed to the income summary account.
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