Exercise 12-5 (Part Level Submission)

Coburn (beginning capital, $58,400) and Webb (beginning capital $94,300) are partners. During 2014, the partnership earned net income of $69,400, and Coburn made drawings of $19,150while Webb made drawings of $24,370.

Exercise 12-5 (Part Level Submission) Assume the partnership income-sharing agreement calls for indome to be divided 45% to Coburn and 55% to Webb. Prepare the journal entry to redord the allocation of net income. (Credlt account tltles are automatically indented when amount ls entered. Do not lndent manually.) Account 11tles and Explanation Debit Credit | Income Summary | 69,400 | Coburn, Capltal :| 31,230 | Webb,CapItaI :| 38,170 Exercise 12-5 (Part Level Submission) Assume the partnership income-sharing agreement calls for inoome to be divided with a salary of $30,800 to Coburn and $25,700 to Webb, with the remainder divided 45% to Coburn and 55% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automaticay indented when amount Is entered. on not indent manually.) Account 1111a: and Explanation Debit Credit | Income Summary | 69,400 | Coburn,Caplta| :| 35,505 | Webb. Capltal 3 I 32,?95 v {c} Your answer is DON'ECL Assume the partnership inoome-sharing agreement calls for income to be divided with a salary of $40,100 to Coburn and $35,000 to Webb, interest of 12% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatlcally indented when amount ls entered. Do not indent manually.) Account 1111s and Explanation Debit Credlt . . 59.400 . _ comm-mm 35.096 . _ webmcamran