Question 3 F:12

Finnegan and Hamwey form a partnership on January 1,2024 , contributing $62,000 and $21,000, respectively. The partnership had net income of $161,500. cash of $15,000 for personal use during the year. Read the requirements. Requirement 1. Journalize the entry to close net income to the partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirements 1. Journalize the entry to close net income to the partners. 2. Journalize closing the partners' withdrawal accounts. Explanations are not required. 3. Calculate the balances in each partners' capital account after allocation of net income and partners' withdrawals of cash. (Assume the partnership's accounting year began on January 1, 2024, and ended on December 31, 2024.)