Partner Drawings Capital No. Account Titles and Explanation Debit Credit 1. 2. 3
ID: 2501976 • Letter: P
Question
Partner
Drawings
Capital
No.
Account Titles and Explanation
Debit
Credit
1.
2.
3.
DIVISION OF NET INCOME
Art Niensted
Greg Bolen
Krista Sayler
Total
NBS COMPANY
Partners’ Capital Statement
For the Year Ended December 31, 2014
Art Niensted
Greg Bolen
Krista Sayler
Total
At the end of its first year of operations on December 31, 2014, NBS Company’s accounts show the following.Partner
Drawings
Capital
Art Niensted $22,820 $43,140 Greg Bolen 14,230 36,020 Krista Sayler 11,710 23,480The capital balance represents each partner’s initial capital investment. Therefore, net income or net loss for 2014 has not been closed to the partners’ capital accounts.
Explanation / Answer
Partner Drawings Capital No. Account Titles and Explanation Debit Credit 1. 2. 3