Reference no: EM132797246
Problem 1: which of the following is the effect of a partners drawings?
a. decreased partnership capital
b. decreased partnership net income
c. increased partnership liabilities
d. increased partnership capital
Problem 2: Which of the following is the entry to close a partners drawings account?
a. debits the partners drawings account and credits income summary
b. credits the partner's drawings account and debits the firm's dividend account
c. debits the partners drawings account and credits the partners capital account
d. credits the partners drawings account and debits that partners capital account
Problem 3: which of the following statements about partnership financial statements is true?
a. details of the distribution of net income are shown in the owner equity statement
b. the distribution of net income is shown on the balance sheet
c. only the total of all partner capital balances is shown in the balance sheet
d. the owners equity statement is called the partners capital statement
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