Question
If J & M have an equal partnership and share profit and loss in the agreed ration of 50/50, the entry to record a net
If J & M have an equal partnership and share profit and loss in the agreed ration of 50/50, the entry to record a net income allocation of $100,000.00 would be a credit to J, capital and M, capital for $50,000 each and a debit to:
| a. | Assets for $100,000 | |
| b. | Income Summary for $100,000 | |
| c. | Salary Expense for $100,000 | |
| d. | Liabilities for $100,000 |
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
