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In this presentation, we focus on partnership withdrawals using a trial balance. The left side shows assets, including cash and equipment, while liabilities like accounts payable are on the right. Key accounts are highlighted, including capital and withdrawal accounts, with income statement accounts—revenue and expenses—displaying a net income of $10,000 in revenue minus $3,000 in expenses. The presentation emphasizes that withdrawals do not necessarily match profit sharing, an important point of confusion in partnerships. The recorded debits and credits balance, ensuring that debits equal credits, as represented by the non-bracketed (debits) and bracketed (credits) numbers totaling zero. For more information, visit accountinginstruction.info.
