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Help with 12-5. I've done everything but I need help with a few entries. Exercise 12-5 Coburn (beginning capital, $59,000) and Webb (beginning capital $93,000)
Help with 12-5. I've done everything but I need help with a few entries.
Exercise 12-5 Coburn (beginning capital, $59,000) and Webb (beginning capital $93,000) are partners. During 2017, the partnership earned net income of $74,000, and Coburn made drawings of $15,000 while Webb made drewings of $20,000. Your answer is correct. Assume the pertnership income-sharing agreement calls for income to be divided 30o% to Coburn and 70% 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.) Acceunt Titles and Explanation Debit Credit Income Summary 74000 Cobum, Capital 22200 Webb, Capital 51800 SHOW SOLUTmON INK TO TEXT Your answer is partially correct. Try again. Assume the partnership income-sharing agreement cals for income to be divided with a salary of $30,000 to Coburn and $28,000 to Webb, with the remainder divided 30% to Coburn and 70 % to Webb. Prepare the journal entry to record the aliocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Income Summary 74800 Cobum, Capital 22200 Webb, Capital 51800 Step by Step Solution
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