The Appropriate Format of the December 31, 2017 Closing Entry

question 20

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format of the December 31, 2017 closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn their salaries from the partnership during the year, is: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

Workers

Individuals employed to perform tasks or services for compensation.

Employers

Individuals or entities that hire people to perform specific jobs or tasks in exchange for compensation.

Crude Birth Rate

A demographic measure representing the number of live births in a given year per 1,000 people in the population.

Annual Number

A quantity or statistic that is reported or measured once every year.