Question 1

Rod Dall Co. reports net income of $30,000. The income ratios are Rod 56% and Dall 44%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
Cash Accounts Receivable Accounts Payable Net Income / (Loss) Rod, Drawings Rod, Capital Dall, Drawings Income Summary Dall, Capital
Dall, Capital Net Income / (Loss) Accounts Payable Accounts Receivable Rod, Capital Income Summary Rod, Drawings Cash Dall, Drawings
Dall, Drawings Net Income / (Loss) Income Summary Rod, Capital Accounts Receivable Dall, Capital Cash Accounts Payable Rod, Drawings