Jenn Smith and Mike Yang have a small business consulting partnership. They share profits and losses as
Question:
Jenn Smith and Mike Yang have a small business consulting partnership. They share profits and losses as detailed in their partnership agreement that gave Jenn a salary allowance of $115,000 and Mike $90,000 with any unallocated profit (loss) shared 3:2. Prepare the entry to close the Income Summary account at December 31, 2017, assuming a debit balance of $80,000.
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2017 Dec 31 Jenn Smith Capital Mike Yang Capital Income Summary To transfer loss of 80000 from t...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume 2
ISBN: 9781259087363
15th Canadian Edition
Authors: Kermit Larson, Heidi Dieckmann
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