At the end of its first year of operations on December $31,2022,$ Oriole Company's accounts show the following.

The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for $2022$ has

not been closed to the partners' capital accounts.

Journalize the entry to record the division of net income for the year $2022$ under each of the following

independent assumptions. $($Credit account titles are automatically indented when amount is entered.

Do not indent manually.$)$

Net income is $$33,000.$ Income is shared $6$:$3$:$1.$

Net income is $$44,000.$ Niensted and Bolen are given salary allowances of $$16,500$ and $$11,000,$

respectively. The remainder is shared equally.

Net income is $$20,900.$ Each partner is allowed interest of $10\%$ on beginning capital balances. Niensted is

given a $$16,500$ salary allowance. The remainder is shared equally.

No$.$ Account Titles and Explanation

Debit

Credit

eTextbook and Media

Prepare a schedule showing the division of net income under assumption $(3)$ above. $($If an amount reduces the

account balance then enter with a negative sign preceding the number e$.$g$.-15,000$ or

parenthesis e$.$g$.(15,000).)$