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Rod and Dall are partners in Sheridan LLP. The partnership reports profit of $64,500. There is no partnership agreement. Prepare the entry to distribute the
Rod and Dall are partners in Sheridan LLP. The partnership reports profit of $64,500. There is no partnership agreement. Prepare the entry to distribute the profit between the partners. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close Income Summary.) Prepare the entry to distribute the profit assuming it is a $64,500 net loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close Income Summary.)
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