Karson and Joseph have a partnership with a net income of $300,000 for the period and have agreed to divide the net income in a ratio of 2:4 respectively. Prepare the journal entry to close Income Summary to the partners' capital accounts for each partner's share of the net income. (Record debits first, then credits. Exclude explanations from journal entries.) Accounts Debit Credit

Karson and Joseph have a partnership with a net income of $300,000 for the period and have agreed to divide the net income in a ratio of 2:4 respectively. Prepare the journal entry to close Income Summary to the partners' capital accounts for each partner's share of the net income. (Record debits first, then credits. Exclude explanations from journal entries.) (1) Time Re