Assume the partnership income$-$sharing agreement calls for income to be divided $30\%$ to Coburn and $70\%$ to Webb. Prepare the

journal entry to record the allocation of net income. $($Credit account titles are automatically indented when amount is entered. Do not

indent manuall.$)$

Account Titles and Explanation

Debit

Credit

Income Summary

$75,000$

Coburn, Capital

$22,500$

Webb, Capital

$52,500$

Assume the partnership income$-$sharing agreement calls for income to be divided with a salary of $$35,000$ to Coburn and $$27,000$ to Webb, with the remainder divided $30\%$ to Coburn and $70\%$ to Webb. Prepare the journal entry to record the allocation of net income. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

Income Summary