After studying Chapter 23, in addition to defining key terms, you will be able to:
- LO1 Journalize entries to record investments by partners.
- LO2 Journalize entries to record withdrawals by partners.
- LO3 Prepare a distribution of net income statement for a partnership.
- LO4 Prepare an owners’ equity statement for a partnership.
- LO5 Calculate and record a gain on realization.
- LO6 Calculate and record a loss on realization.
- LO7 Journalize entries to liquidate a partnership.
23 mastery and Challenge problems