Surj Uppal and Pavinder Atwal began a new business on Febuary 14, when each invested 158,500 in the company. On December 20, it was decided that 61,600 of the company's cash would be distributed equally between the owners. Two Cheques for 30,800 were prepared and given to the owners on December 23. On December 31, the company reported a 123,200 profit.

Set A) (First 4) The business is a partnership

Set B) The business is a corporation that issued 1000 common shares. Cash Dividend account is used for declaring Dividends

Journal entry worksheet > Record the distribution of cash to the owners. Note: Enter debits before credits. Date General Journal Debit Credit December 23 Record entry Clear entry View general journal Journal entry worksheet Record to close the income summary account. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Cles entry View general journal Journal entry worksheet C 1 2 3 4 Record to close the dividends accounts. Note: Enter debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general journal