Lisa Montgomery and Joel Chalmers established a coffee bean distribution business. Their partnership shared profits and losses
Question:
Lisa Montgomery and Joel Chalmers established a coffee bean distribution business. Their partnership shared profits and losses based on an agreement that gave Lisa a salary allowance of $45,000 and Joel $10,000 with any unallocated profit (loss) shared equally. Prepare the entry to close the Income Summary account at December 31, 2023, assuming a credit balance of $48,000.
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2023 Dec 31 Income Summary Lisa Montgomery Capital ...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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