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Coburn(beginning capital,$59,000) and Webb(beginning capital $93000) are partners. During 2020, the partnership earned net income of $74,000, and Coburn made drawings of $15,000 while webb
Coburn(beginning capital,$59,000) and Webb(beginning capital $93000) are partners. During 2020, the partnership earned net income of $74,000, and Coburn made drawings of $15,000 while webb made drawing of $20,000
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $30,000 to Coburn and $28000 to Webb, with the remainder divided 30% to Coburn and 70% to Webb. Prepare the journal entry to record the allocation of net income
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