displayed below.] Ries, Bax, and Thomas invested $32,000, $48,000, and $56,000, respectively, in a partnership. During...

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displayed below.] Ries, Bax, and Thomas invested $32,000, $48,000, and $56,000, respectively, in a partnership. During its first calendar year, the firm earned $339,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $339,000 net income under each of the following separate assumptions. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet < 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry View general journal Record entry displayed below.] Ries, Bax, and Thomas invested $32,000, $48,000, and $56,000, respectively, in a partnership. During its first calendar year, the firm earned $339,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $339,000 net income under each of the following separate assumptions. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet < 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Clear entry View general journal Record entry

Answer rating: 100% (QA)

Heres the journal entry to close the income summary account assuming the partner... View the full answer