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At the end of December 2024, Ray Crane, a partner in Crane Pina Colada Company, had a balance in his drawings account of $17000. Ray's
At the end of December 2024, Ray Crane, a partner in Crane Pina Colada Company, had a balance in his drawings account of $17000. Ray's capital account at the beginning of 2024 was $79000. $4000 of partnership profit was allocated to Ray in 2024, The entry to close Ray's drawings account at the end of 2024 would include a credit to Crane, Capital for $4000. debit to Crane, Capital for $17000. credit to Crane, Capital for $13000. debit to Income Summary for $17000
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