Question
13. Scott, Hill, and Carter have capital balances of $20,000, $40,000, and $80,000. The partners share profits 1:1:3, respectively. The partnership had net income of
13. Scott, Hill, and Carter have capital balances of $20,000, $40,000, and $80,000. The partners share profits 1:1:3, respectively. The partnership had net income of $100,000 for the year. Journalize the closing entry to allocate net income.
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
