Lisa Montgomery and Joel Chalmers established a coffee bean distribution business. Their partnership shared profits and losses

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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, 2017, assuming a credit balance of $48,000.

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Fundamental Accounting Principles Volume 2

ISBN: 9781259087363

15th Canadian Edition

Authors: Kermit Larson, Heidi Dieckmann

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