If there are 3 partners in a partnership each contributing 10 000 each in their business and they each agree to share their profits proportionaly to their contributed capital by 1/3 cash each. If the cash payments to the partners is 22 500 each, what is the required journal entry?also :if inventory in the beginning of the period is 2700 and at the ened of the period it is estimated that 2430 is left. we know that purchases of 10265 of inventory were made in cash and 1287 were made on account. what are the required journal entries. (ie. with sales, cost of goods sold and inventory)
What is the required journal entry if you know the cash recieved rom customers is 10 000.