By what net amount were the net assets of Owens tackle center adjusted before they were transferred to the partnership

Saved Help Save & Exit Subm Check my work Rosie Wilsman and Rosa Escobedo own The Spring Flower Shop. The partnership agreement provides that Wilsman can withdraw $5,000 a month and Escobedo, $4,500 a month in anticipation of profits. The withdrawals, which are not considered to be salaries were made each month. Net income and net losses are to be allocated 40 percent to Wilsman and 60 percent to Escobedo For the year ended December 31, 2019, the partnership earned a net income of $150,000. 1. Prepare general journal entries to: a. Close the income summary account. b. Close the partners' drawing accounts 2. Assume that there was a net loss of $50,000 for the year instead of a profit of $150,000. Give the general journal entries to: a. Close the income summary account b. Close the partners' drawing accounts Analyze: Assume the business earned net income of $150,000. If 2019 was the first year of operation, what balance should be reflected for the Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $110,000 Complete this question by entering your answer in the tabs below. o comert hatut once o connect instructi door hoc n o QuickBooks cortit docx n