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Camila, Dani, and Olivia are members of an LLC and share net income and loss equally. Olivia withdraws from the business when equity for each
Camila, Dani, and Olivia are members of an LLC and share net income and loss equally. Olivia withdraws from the business when equity for each member is Camila, $18,000; Dani, $5,000; and Olivia, $7,000. Olivia is paid $10,000 for her equity in the LLC. Prepare the entry to record Olivia's withdrawal. Hint: Use the following LLC equity accounts: Camila, Member Equity, Dani, Member Equity; Olivia, Member Equity. View transaction list Journal entry worksheet Record Olivia's withdrawal from the LLC. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal
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