QS 11-4 Partnership profit allocation LO3 Bill Ace and Dennis Bud are partners in an urban restaurant called Salt. Profit for the year ended March 31, 2017, is $120,000 a. How much profit should be allocated to each partner assuming there is no partnership agreement? a. Prepare the entry to allocate the profit. a. Prepare the entry to allocate the $120,000 assuming it is a loss. QS 11-5 Allocation of profit LO3 Lisa Montgomery and Joel Chalmers established a coffee bean distribution business. Their partnership shared profits and losses based on an agreement that gave Lisa a salary allowance of $45,000 and Joel $10,000 with any unallocated profit (loss) shared equally. Prepare the entry to close the Income Summary account at December 31, 2017, assuming a credit balance of $48,000. QS 11-6 Allocation of loss LO3 Jenn Smith and Mike Yang have a small business consulting partnership. They share profits and losses as detailed in their partnership agreement that gave Jenn a salary allowance of $115,000 and Mike $90,000 with any unallocated profit (loss) shared 3.2. Prepare the entry to close the Income Summary account at December 31, 2017, assuming a debit balance of $80,000