ints eBook Ask Print References 1 y worksheet J. Morgan and M. Halsted are partners who share income and loss in a 3:1 ratio. After several unprofitable periods, the two partners decided to liquidate their partnership. The current period's income or loss is closed to the partners capital accounts according to the sharing agreement. Immediately before Note: Enter debits before credits. Date Jan 15 General Journal Debit Credit Record entry Clear entry View general journal