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The Partnership of Melissa and Janet Reports Profit of

Question 86

Multiple Choice

The partnership of Melissa and Janet reports profit of $ 30,000. The partners share equally in profit and losses. The entry to record the partners' share of profit will include a


A) credit to Income Summary for $ 30,000.
B) credit to Melissa, Capital for $ 15,000.
C) debit to Janet, Capital for $ 15,000.
D) credit to Melissa, Drawings for $ 15,000.

Correct Answer:

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