Question 7 [10 points) On January 1, 2015 partners Hector Mendez, Bob Delgado and Adam Uppe had capital balances of $39,000 $27,000 and $18,000 respectively During 2015 the partners made the following investments Hector Mendez, $130 000, Bob Delgado $140,000 and Adam Uppe, $130,000 Also, Hector Mendez withdrew cash of $36,000, Bob Delgade withdrew S18000 and Adam Uppe withdrew $15,000. The company has a December 31 year end In addition, the following schedule shows how net income is allocated Hector Mendez Bob Delgado Adam Uppe Total 118,000 24,000 13,000 37000 24.000 14,000 38.000 15,000 13,000 28,000 Net income Salaries Interest Total salary and interest Remainder to be allocated Remainder allocated between partners Balance of net income to be allocated Total to be allocated to each partner 5,000 5,000 5,000 (103,000) 15,000 (15,000) 0 118,000 42,000 43,000 33,000 a) Prepare the entry to close the income summary account. Enter an appropriate description and the date in the format dd/mmm (ie. 15/Jan) General Journal Date Account Explanation Debit Credit Page GJ2 b) Calculate the post-closing balance in each partners' capital account Hector Mendez, Capital Bob Delgado, Capital Adam Uppe Capital ENGAM 24C Weatheralert A 10 IN 1420p OR Type here to search