Rachael and Olivia are business partners in RO Dance. Their partnership agreement states that partners will share income in a 3:1 ratio (Rachael; Olivia). Part of the agreement includes a sala allowance of $43,000 for Rachael and $26,000 for Olivia. For the current year, RO Dance has a of $5,000. The entries to close the income summary account after allocating the loss to the part include - a debit to Rachael, Capital $12,500 and a credit to Olivia, Capital $7,500 - a credit to Rachael, Capital $12,500 and a debit to Olivia, Capital $7,500 - a debit to Rachael, Capital $12,500 and a debit to Olivia, Capital $7,500 - a credit to Rachael, Capital $12,500 and a credit to Olivia, Capital $7,500 - None of these choices are correct