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madison and hamilton are partners who share profits and losses equally. the partnership agreement provides that madison will be paid an annual salary $40,000 and
madison and hamilton are partners who share profits and losses equally. the partnership agreement provides that madison will be paid an annual salary $40,000 and hamilton will be paid an annual salary of $30,000. The salaries were paid to the partners during 2019 and were charged to the partners' drawing accounts. The Income summary account has a credit balance of $92,000 after revenue and expense accounts are closed at the end of the year.
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