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Coburn ( beginning capital, $ 5 7 , 0 0 0 ) and Webb ( beginning capital $ 9 1 , 0 0 0 )
Coburn beginning capital, $ and Webb beginning capital $ are partners. During the partnership earned
net income of $ and Coburn made drawings of $ while Webb made drawings of $
a Assume the partnership incornesharing agreement calls for income to be divided to Coburn and 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.
bAssume the partnership incomesharing agreement calls for income to be divided with a salary of $ to Coburn and
$ to Webb, with the remainder divided to Coburn and 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.
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