Partners Gary and Elaine have agreed to share profits and losses in an 50:50 ratio respectively, after
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Question:
Partners Gary and Elaine have agreed to share profits and losses in an 50:50 ratio respectively, after Gary is allowed a salary allowance of $30,000 and Elaine is allowed a salary allowance of $15,000. If the partnership had net income of $30,000 for 2017, the entry to allocate Elaine's share of the income includes a :
Select one:
a. credit Elaine, capital 7500
b. credit income summary 30000
c. debit Elaine, capital 7500
d. credit cash 15000
Posted Date: