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I am having trouble finding the Balance Allocated Equally, and the filling in the general journal. Kara Ries, Tammy Bax, and Joe Thomas invested $42,000,
I am having trouble finding the Balance Allocated Equally, and the filling in the general journal.
Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $329,100. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $329,100 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 3 (3) The partners agreed to share income and loss by providing annual salary allowances of $30,000 to Ries, $25,000 to Bax, and $37,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Ries Bax Thomas $ Supporting Calculations Net income Salary allowances Balance after salary allowances Interest allowances $ 30,000 $ 25,000 $ 37,000 Total 329,100 92,000 237,100 16,600 4,200 5 ,800 6,600 Balance after interest and salaries 220,500 Balance allocated equally Balance of income Shares of the partners $ 220,500 $ 34,200 $ 30,800 $ 43,600 Required information View transaction list Journal entry worksheet have agreed to share income and loss by providing annual salary allowances of $30,000 to Ries, $25,000 to Bax, and $37,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Note: Enter debits before credits. Credit Date Dec 31 Debit 329,100 General Journal Income summary Kara Ries, Capital Tammy Bax, Capital Joe Thomas, Capital Record entry Clear entry View general journalStep by Step Solution
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