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Advanced Accounting, 5th Edition by Paul K. Chaney, Debra C. Jeter

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PARTNERSHIPS: FORMATION, OPERATION, AND OWNERSHIP CHANGES

LEARNING OBJECTIVES

images Describe the characteristics of a general partnership, a limited partnership, and a joint venture.

images List some important items to be included in the partnership agreement.

images Understand the differences between partnerships' and corporations' equity accounts in the balance sheet.

images Explain the purpose of the partners' drawing accounts and capital accounts.

images Prepare journal entries to form a partnership using the bonus and the goodwill methods.

images Describe some common agreements used to allocate partnership net income or loss.

images Explain why salary allowances and interest allowances are used in allocating partnership profits ...

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