Daisey Sinclair and Jim Leigh began a partnership on February 1, 2024, by investing $70,000 and $95,000, respectively. They agree to share profit and losses by allocating yearly salary allowances of $50,000 to Daisey and $25,000 to Jim, an interest allowance of 10% on their investments, and to split the remainder 60:40. During the year, Daisey withdrew $30,000 and Jim withdrew $22,000. The partnership recorded a loss of $15,000 in its first fiscal year. 

Instructions 

a. Prepare a schedule showing the division of the loss for the year. 

b. Prepare the journal entry to close the Income Summary account at the end of the year.