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Coburn (beginning capital, $56,000) and Webb (beginning capital $93,000) are partners. During 2017, the partnership earned net income of $71,000, and Coburn made drawings of
Coburn (beginning capital, $56,000) and Webb (beginning capital $93,000) are partners. During 2017, the partnership earned net income of $71,000, and Coburn made drawings of $15,000 while Webb made drawings of $25,000 cation of Assume the partnership ncome-sharing agreement calls for income to be d ded 35% to Coburn and 65% to Webb. Prepare the our al entry to e ord net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) e a Account Titles and Explanation Debit Credit Assume the partnership income-sharing agreement calls for income to be divided with a salary of $35,000 to Coburn and $26,000 to Webb, with the remainder divided 35% to Coburn and 65% 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
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