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Hip Partners is made up of two partners (Deedle and Twee). This year, the partnership earned $50,000. The partnership terms allow for each partner to
Hip Partners is made up of two partners (Deedle and Twee). This year, the partnership earned $50,000. The partnership terms allow for each partner to receive a salary of $30,000 and the remainder to be distributed evenly. This year, the entry to close Income Summary to capital for each partner will include:
Select one:
a. Credit to Capital $25,000
b. Credit to Capital $30,000
c. Debit to Capital $5,000
d. Debit to Capital $25,000
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