The Appropriate Format of the December 31,2010 Closing Entry for John

question 54

Multiple Choice

The appropriate format of the December 31,2010 closing entry for John & Hope Limited Liability Partnership,whose two partners had withdrawn their salaries from the partnership during the year is: $\begin{array}{|l|l|r|r|}\hline \text { A) } & \text { John, Drawing } & \mathrm{XXX} & \\\hline & \text { Hope, Drawing } & \mathrm{XXX} & \\\hline & \text { Salaries Payable } & & \mathrm{XXX} \\\hline \text { B) } & \text { Salaries Expense } & \mathrm{XXX} & \\\hline & \text { John, Drawing } & & \mathrm{XXX} \\\hline & \text { Hope, Drawing } & & \mathrm{XXX} \\\hline \text { C) } & \text { John, Capital } & \mathrm{XXX} & \\\hline & \text { Hope, Capital } & \mathrm{XXX} & \\\hline & \text { Salaries Payable } & & \mathrm{XXX} \\\hline \text { D) } & \text { John, Capital } & \text { XXX } & \\\hline & \text { Hope, Capital } & \text { XXX } & \\\hline & \text { John, Drawing } & & \text { XXX } \\\hline & \text { Hope, Drawing } & & \text { XXX } \\\hline\end{array}$

• A)A Above.
• B)B Above.
• C)C Above.
• D)D Above.

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Definitions:

Sanctuary State

A state that adopts policies to protect undocumented immigrants, often by not cooperating fully with federal immigration enforcement efforts.

Supremacy Clause

The clause within the United States Constitution establishing that federal law takes precedence over state law if there is any conflict between them.

U.S. Constitution

The foundational document of the United States that outlines the framework of the federal government and defines citizens' rights.

John M. Keynes

A British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.