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plz Question 4 [20 points] Susan Huang, Frank Levens, and Jan Taylor invested $300,000, $120,000, and $180,000, respectively in a partnership. During its first year,
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Question 4 [20 points] Susan Huang, Frank Levens, and Jan Taylor invested $300,000, $120,000, and $180,000, respectively in a partnership. During its first year, the firm recorded a net income of $107,100. Prepare general journal entries to close the firm's Income Summary account as of December 31, 2015 and to allocate the net income/loss to the partners under each of the following unrelated assumptions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). (a) The partners did not produce any special agreement on the method of sharing incomes. General Journal Page Gj1 Date Account/Explanation F Debit Credit (b) The partners agreed to share net incomes and losses in the ratio of their beginning investments. General Journal Page Gj1 Date Account/Explanation F Debit Credit (c) The partners agreed to share income by providing annual salary allowances of $30,000 to Susan Huang, $12,000 to Frank Levens, and $18,000 to Jan Taylor, allowing 5% interest on the partners' beginning investments; and sharing the remainder equally. General Journal Page Gj1 Date Account/Explanation F Debit CreditStep by Step Solution
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