The Appropriate Format of the December 31, 2017 Closing Entry

question 51

Short Answer

The appropriate format of the December 31, 2017 closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn their salaries from the partnership during the year, is:

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Definitions:

Formal Employee Recognition Program

A structured system designed by organizations to acknowledge and reward employees’ contributions and achievements.

Peer Recognition Programs

Formal programs in which employees can publicly acknowledge, recognize, and reward their co-workers for exceptional work and performance.

Behaviour Modelling Training

A method of training that involves observing and replicating the behaviors of others in order to learn new skills or behaviors.

Strategic Priority

A focus or activity that an organization identifies as most important to achieve its long-term goals.