Question
The appropriate format of the January 31, 2020, closing entry for App & Brie LLP, whose two partners had withdrawn their salaries from the partnership
The appropriate format of the January 31, 2020, closing entry for App & Brie LLP, whose two partners had withdrawn their salaries from the partnership during January, 2020, is:
Select one:
a.
Debit to each partner capital by his salary and credit to each partner drawings by his salary.
b.
Debit to each partner capital by his salary and credit salaries expenses by total salaries.
c.
Debit to each partner drawings by his salary and credit to salaries expenses by total salaries.
d.
Debit to income summary by total salaries and credit to each partner drawings by his salary.
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