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Once the allocation of profit was calculated, it was determined that Jendel was to receive $45,590 and Stetson $36,460. Their capital balances before the allocation
Once the allocation of profit was calculated, it was determined that Jendel was to receive $45,590 and Stetson $36,460. Their capital balances before the allocation were $102,560 and $87,490 respectively. Jendel had withdrawn $65,000 during the year; Stetson had withdrawn $52,000. The journal entry to close the Drawings account would include Select answer from the options below a debit to Jendel, Capital for $65,000. a credit to Income Summary for $117,000. a debit to Income Summary for $117,000. a credit to Jendel, Capital for $65,000
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