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Assume that the partners draw 50 million per month for 2016 and the net income...

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Accounting

Assume that the partners draw 50 million per month for 2016 and the net income for the year is 740 million. A. Provide the journal entry for the monthly partner drawing for January. B. Provide the journal entry to close the income summary account at the end of the year. C. Provide the journal entry to close the drawing account at the end of the year. D. Why would partner drawings be considered reclaimable until profits have been allocated?

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