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Exercise 12-5 Cetum (beginning capital, $64,000) and wete (beginning capital $83,000) are partners. During 2017, the partnership med net income of $75,000, and Cobum
Exercise 12-5 Cetum (beginning capital, $64,000) and wete (beginning capital $83,000) are partners. During 2017, the partnership med net income of $75,000, and Cobum made drawings of $19,000 while weco made drawings of $21,000 As the partnership income-sharing agreement calls for income to be divided 45% to Coburn and 55% to Webb Prepere the journal entry to record the allocation of net income (Credit account titles are automatically indented when t Credit entered. Do not indent manually.) Debit Assume the partnering income sharing agrement cats for income to be divided with a salary of $31,000 to Coburn and $2,000 Week, with the remander divided 43% to Colum and 55% to wate, Pee the jet entry end the catten of Cred bedded with
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