The Appropriate Format of the December 31,2017 Closing Entry for John

question 88

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format of the December 31,2017 closing entry for John & Hope Limited Liability Partnership,whose two partners had withdrawn their salaries from the partnership during the year,is: $$\begin{array} { | l | l | r | r | } \hline \text { A) } & \text { John, Drawing } & \mathrm { XXX } & \\\hline & \text { Hope, Drawing } & \mathrm { XXX } & \\\hline & \text { Salaries Payable } & & \mathrm { XXX } \\\hline \text { B) } & \text { Salaries Expense } & \mathrm { XXX } \\\hline & \text { John, Drawing } & & \mathrm { XXX } \\\hline & \text { Hope, Drawing } && \mathrm { XXX } \\\hline \text { C) } & \text { John, Capital } & \mathrm { XXX } & \\\hline & \text { Hope, Capital } & \mathrm { XXX } \\\hline & \text { Salaries Payable } && \mathrm { XXX } \\\hline \text { D) } & \text { John, Capital } & \mathrm { XXX } & \\\hline & \text { Hope, Capital } & \mathrm { XXX } \\\hline & \text { John, Drawing } & & \mathrm { XXX } \\\hline & \text { Hope, Drawing } & & \mathrm { XXX } \\\hline & & & \\\hline\end{array}$$

Identify strategies for minimizing conflict within teams.

Recognize the importance and ways of listening actively and providing constructive feedback in a team setting.

Distinguish between functional and dysfunctional team roles.

Understand the principles of effective teamwork and its significance in business success.

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Definitions:

Medium Of Exchange

An intermediary instrument, such as currency or digital tokens, used to facilitate the sale, purchase, or trade of goods and services between parties.

Small CDs

Compact discs used for storing digital data, typically with smaller capacity than standard CDs, used for various types of media or data storage.

Large CDs

Certificates of Deposit (CDs) that are categorized by their large denomination, typically used by institutional investors.

Federal Deposit Insurance

Federal deposit insurance is a protection scheme that guarantees bank deposits, protecting depositors against bank failures by covering the loss of deposits up to a specified limit.