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Biore invested 800,000 on Jan 1, 2019 and an additional 150,000 on April 1. Besario invested 1,200,000 on Jan 1 and withdraw 200,000 on July 1. The partnership contract provided that each partner may withdraw 10,000 on the last day of each month; both partners did so during the year.
Problem a. Summarize the transactions in the ledger accounts(T-accounts)
Problem b. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss equally, Profit=500,000
Problem c. Provide journal entry with explanation and computation assuming partners agree to divide profit and loss equally, Loss= 300,000
Molino Inc. reported sales revenue of $2 million for 2017. Compute cash receipts from customers, assuming that the receivable and payable transactions.
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