Partners B and I receive a salary allowance of $6,000 and $14,000, respectively, and share the remainder equally. If the company earned $8,000 during the period, the entry to close the income or loss into their capital accounts is:

1)	Income Summary = 20,000 B, Capital = 6,000 I, Capital = 14,000

2)	Income Summary = 8,000 I, Capital = 8,000

3)	Income Summary = 28,000 B, Capital = 14,000 I, Capital = 14,000

4)	Income Summary = 12,000 B, Capital = 6,000 I, Capital = 6,000

Juan invests $120,000 for a one-fifth interest in a partnership in which the other partners have capital totaling $240,000 before admitting Juan. After distribution of the bonus, Juan's capital is

Question 29 options:

1)

$120,000

2)

$72,000

3)

$96,000

4) 48,000

Partners A and B receive a salary of $16,000 and $14,000, respectively. They agree to share income and losses equally. If the partnership has income of $280,000 in 20x5, the entry to close the income into their capital accounts is:

Question 24 options:

1)	A, Capital = 141,000 B, Capital = 139,000 Income Summary = 280,000

2)	Income Summary = 280,000 A, Capital = 141,000 B, Capital = 139,000

3)	Income Summary = 280,000 A, Capital = 140,000 B, Capital = 140,000

4)	A, Capital = 140,000 B, Capital = 140,000 Income Summary = 280,000

April and Cammy are partners who have agreed to admit Elena, who will invest $30,000 for a 20 percent interest. The previous capital balances were $30,000 and $60,000 for April and Cammy, respectively. April and Cammy had shared profits and losses equally. What amount will be recorded in Elena's Capital account?

Question 23 options:

1)	$12,000 credit

2)	$24,000 credit

3)	$30,000 credit

4)	$18,000 credit