After revenue and expense accounts of The Quick Stop were closed on December 31, 2019, Income Summary

Question:

After revenue and expense accounts of The Quick Stop were closed on December 31, 2019, Income Summary contained a credit balance of $212,000. The drawing accounts of the two partners, Dan Eddy and Robert Jones, showed debit balances of $160,000 and $368,000, respectively. The partnership agreement is silent on the division of profits and losses. Record the general journal entries to close the Income Summary account and the partners’ drawing accounts.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...