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Question During the fiscal year ended November 30, 2021, the profit for Wildhorse Partnership was $81,400. The partners, A. Scrimger and D. Woods, share profit
Question During the fiscal year ended November 30, 2021, the profit for Wildhorse Partnership was $81,400. The partners, A. Scrimger and D. Woods, share profit and loss in a 3:5 ratio, respectively. Calculate the division of profit to each partner. A. Scrimger s D. Woods s Prepare the entry to close the income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To close Income Summary.)
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