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On July 1, 2021, Ginna and Lois form a partnership. Ginna invested $160,000 while Lois invested $240,000 into the Partnership. The partners agree to share
On July 1, 2021, Ginna and Lois form a partnership. Ginna invested $160,000 while Lois invested $240,000 into the Partnership. The partners agree to share profit/loss in the ratio of their initial investments.
Prepare the entry to close the Income Summary account at December 31, 2021, assuming a debit balance of $100,000.
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