Question
D & E are equal partners and are closing their drawing accounts on December 31. Each partner had withdrawn $75,000. The correct entry to close
D & E are equal partners and are closing their drawing accounts on December 31. Each partner had withdrawn $75,000. The correct entry to close their drawing accounts would be a credit to D Drawing and E drawing for $75,000 and debit to:
- D & E Capital for $75,000
- D & E Cash for $150,000.00
- D & E Capital for $150,000
- D & E Assets for $75,000
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Financial Reporting and Analysis
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
6th edition
9780077632182, 78025672, 77632184, 978-0078025679
