K. Ison (beginning capital, $42,000) and I. McCoy (beginning capital $67,200) are partners. During 2021, the partnership reported profit of $50,400, and Ison made drawings of $12,600 while McCoy made drawings of $16,800.

Assume the partnership agreement calls for profit to be divided 55% to Ison and 45% to McCoy. Prepare the journal entry to close the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
I. McCoy, Capital Income Summary K. Ison, Capital
K. Ison, Capital Income Summary I. McCoy, Capital
I. McCoy, Capital K. Ison, Capital Income Summary
(To close Income Summary.)

Assume the partnership agreement calls for profit to be divided with a salary of $25,200 to K. Ison and $16,800 to I. McCoy, with the remainder divided 55% to Ison and 45% to McCoy. Prepare the journal entry to close the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
I. McCoy, Capital K. Ison, Capital Income Summary
I. McCoy, Capital K. Ison, Capital Income Summary
Income Summary K. Ison, Capital I. McCoy, Capital
(To close Income Summary.)

Assume the partnership agreement calls for profit to be divided with a salary of $33,600 to K. Ison and $25,200 to I. McCoy, interest of 10% on beginning capital, and the remainder divided 50%50%. Prepare the journal entry to close the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
K. Ison, Capital I. McCoy, Capital Income Summary
K. Ison, Capital I. McCoy, Capital Income Summary
I. McCoy, Capital Income Summary K. Ison, Capital
(To close Income Summary.)