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format of the December 31, 2017 closing entry for John & Hope Limited Liability Partnership, whose two partners had withdrawn their salaries from the partnership during the year, is: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

High Deductible

Refers to health insurance plans with higher deductible amounts, meaning the insured must pay more out-of-pocket before insurance coverage starts.

High Quality

A characteristic of products or services that meet or exceed customer expectations and are superior in terms of durability, reliability, or performance.

Expensive Engagement Ring

A high-cost ring typically given as a symbol of betrothal.

Everyday Clothes

Apparel items that are worn on a daily basis, typically casual or informal in nature.