Question 2: Question 1 : 30) Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations): Post the entries (Debit and Credit a. Incurred and paid advertising expenses. $3,500 Debit Credit The partnership's net LOSS for the first year is still $100,000, but the partners share profits based on salary allowance, capital allowance and remining income sharing: [1] Company has Net LOSS : $80,000 [2] Salary allowance: Tom : $ 40,000 Jerry : $ 50,000 [3] Capital allowance : 5% [4] Remaining Net Loss: equal sharing (50% each) b. Purchased raw materials on account, $27,000 Alex Brian Total Debit Credit Net Income c. Used in production: direct materials, $12,000; indirect materials, $5,500 Debit Credit Salary Allowance: Tom Jerry Capital Allocation: Tom Jerry Total Salary and Capital Allocation Net Income (Loss) Remaining Allocation Remainer Share Equally: Tom Jerry Total Allocation Net Income (Loss) Remaining Allocation Net Income (Loss) Allocated to each partner d. Sold inventory on account, $64,000: cost of goods sold, $35,000. The company uses the perpetual inventory system. Debit Credit