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  • Sac Company Is A Partnership Owned by K Santiago

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    Bube Kachevska
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    SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in a 1:3:4 ratio. The partnership's adjusted trial balance at June 30, 2017 is provided, including revenue, expense, income summary, and withdrawals accounts. Students are asked to prepare the closing entries for these temporary accounts and determine each partner's ending capital balance by posting the closing entries to their T-accounts.

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    Sac Company is a Partnership Owned by k Santiago

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    Sac Company is a Partnership Owned by k Santiago

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    SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in a 1:3:4 ratio. The partnership's adjusted trial balance at June 30, 2017 is provided, including revenue, expense, income summary, and withdrawals accounts. Students are asked to prepare the closing entries for these temporary accounts and determine each partner's ending capital balance by posting the closing entries to their T-accounts.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    12 views2 pages

    Sac Company Is A Partnership Owned by K Santiago

    Uploaded by

    Bube Kachevska
    SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in a 1:3:4 ratio. The partnership's adjusted trial balance at June 30, 2017 is provided, including revenue, expense, income summary, and withdrawals accounts. Students are asked to prepare the closing entries for these temporary accounts and determine each partner's ending capital balance by posting the closing entries to their T-accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    SAC Company is a partnership owned by K Santiago

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    SAC Company is a partnership owned by K Santiago

    SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share
    profits and losses in the ratio of 1:3:4. The adjusted trial balance of the partnership (in
    condensed form) at June 30, 2017, follows:

    Required

    1. Prepare the June 30, 2017, 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.

    SAC Company is a partnership owned by K Santiago

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