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I am partners in a small business and I need someone to review our balance sheet to make sure we are making the correct entries, specifically in a couple areas. I am a 50/50 partner and we each pay ourselves 50% of the profits at the end of each month and we use Cash-Based accounting. Here are the questions I will have and then you will tell me what journal entries to make:
1. The method we use to pay ourselves is as follows┐We created 2 chart of accounts that appear on our balance sheet named 1) Owner A Distributions & 2) Owner B Distributions. At the end of each month we simply write a check to each partner and use one of these chart of accounts for posting the payment. However, we have been in business for 4 years at therefore the current balance in each of the Owner Distribution chart of accounts is the sum of ALL the distributions and not just for the current year. Are we supposed to do any year end close out that will zero out the Owner Distribution accounts? Perhaps making...
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