The Appropriate Format of the December 31, 2020closing Entry for John

question 64

Multiple Choice

The appropriate format of the December 31, 2020closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn their salaries from the partnership during the year, is:

• A) Option A.
• B) Option B.
• C) Option C.
• D) Option D.
• E) Option E.

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Definitions:

Equilibrium Rent

The rental price at which the quantity of properties landlords are willing to lease equals the quantity that tenants are willing to rent.

Quota

A type of trade restriction that limits the quantity of a good that can be imported or exported during a specific time period.

Market

Any structure that allows buyers and sellers to exchange any type of goods, services, and information.

Medallions

Licenses or permits, often used in reference to the system regulating taxis where a limited number of medallions are issued, granting the right to operate a cab.