PharoahCompany reported net income of $89,300. The partnership agreement provides for salaries of $24,700to Miley and $18,400to Guthrie. They divide the remainder37% to Miley and63% to Guthrie.

Miley Guthrie

Division of net income $ 41794 $47506

Prepare the closing entry.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

Income Summary 68,000

Coburn Capital 35200

Webb Capital 32800

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $41,000to Coburn and $36,000to Webb, interest of10% on beginning capital, and the remainder divided 50%-50%. Prepare the journal entry to record the allocation of net income.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

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