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Question - SAC and Company is a partnership owned by K. Savard?, R. Abel and J. Carlton?, who share profits and losses in the ratio of ?1:2?:4. The adjusted trial balance of the partnership? (in condensed? form) at June? 30, 2020?, follows.
SAC and Company Adjusted Trial Balance 30-Jun-20
Account
Debit
Credit
Cash
$163,000
Noncash assets
805,000
Liabilities
$690,000
K. Savard, capital
156,000
R. Abel, capital
283,000
J. Carlton, capital
434,000
K. Savard, withdrawals
128,000
R. Abel, withdrawals
272,000
J. Carlton, withdrawals
321,000
Revenues
752,000
Expenses
626,000
Totals
Required -
1. Prepare the June? 30, 2020?, entries to close the? Revenue, Expense, Income? Summary, and Withdrawals accounts.
2. Using? T-accounts, insert the opening balances in the? partners' Capital? accounts, post the closing entries to the Capital? accounts, and determine each? partner's ending Capital balance.
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