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In J&J Partnership, Jack and Jill are the only two partners. In 2021, the partnership has reported $100,000 net income. Then, the partners withdrew the
In J&J Partnership, Jack and Jill are the only two partners. In 2021, the partnership has reported $100,000 net income. Then, the partners withdrew the net income in cash at the end of year. Prepare journal entries for the withdrawal and closing entries for the withdrawal using the following accounts. (7 points) Jack-Drawing, Jill-Drawing, Cash, Jack-Capital, Jill-Capital
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Managerial Accounting Working Papers
Authors: John G. Helmkamp
2nd Edition
0471514292, 978-0471514299
