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Thank you for your reply, it was very helpful.  I set it up as you suggested, and recorded the journal entries.  The retained earnings was reallocated to equity for each partner, and then I debited their equity account and credited their distribution account in the amount to be distributed.  After cutting the profit distribution checks, what journal entry do I use to reduce operating cash by the check amount?  As of now my Operating Cash is out of balance by the amount of the profit checks that were cashed.

 

Thanks!

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