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Coburn(beginning capital,$59000) and Webb(beginning capital $93000) are partners. During 2020, the partnership earned net income of $74000 and Coburn made drawings of $15000 while Webb
Coburn(beginning capital,$59000) and Webb(beginning capital $93000) are partners. During 2020, the partnership earned net income of $74000 and Coburn made drawings of $15000 while Webb made drawings of $20000
Assume the partnership income-sharing agreement calls for income to be divided 30% to Coburn and %70 to Webb. Prepare the journal entry to record the allocation of net income
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