Rosie Wilsman and Rosa Escobedo own The Spring Flower Shop. The partnership agreement provides that Wilsman can withdraw $$5,000$ a month and Escobedo, $$4,500$ a month in anticipation of profits. The withdrawals, which are not considered to be salaries, were made each month. Net income and net losses are to be allocated $40$ percent to Wilsman and $60$ percent to Escobedo. For the year ended December $31,20$x$1,$ the partnership earned a net income of $$150,000.$

Required:

Prepare general journal entries to:

a$.$ Close the income summary account.

b$.$ Close the partners' drawing accounts.

Assume that there was a net loss of $$50,000$ for the year instead of a profit of $$150,000.$ Give the general journal entries to:

a$.$ Close the income summary account.

b$.$ Close the partners' drawing accounts.

Analyze:

Assume the business earned net income of $$150,000.$ If $201$ was the first year of operation, what balance should be reflected for the Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $$110,000?$

Journal entry worksheet

$1$

$2$

Journal entry worksheet

$1$

$2$

$3$

Record the entry to close the drawing account for Rosie Wilsman.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Dec $31,20$X$1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Journal entry worksheet

$1$

$2$

$3$

Record the entry to close Income Summary.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[Dec31,201,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Analyze:

Assume the business earned net income of $$150,000.$ If $201$ was the first year of operation, what balance should be reflected Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $$110,000?$

Complete this question by entering your answer in the tabs below.

Analyze

Assume the business earned net income of $$150,000.$ If $20x1$ was the first year of operation, what balance should be reflected for the Rosie Wilsman, Capital account at the end of the year if Wilsman's beginning capital was $$110,000?$

Wilsman's, capital account, Dec $31,20$X$1$

Prev

$2$ of $5$

Score answer$3$

Record the entry to close Income Summary.

Note: Enter debitsore credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Dec $31,201,r,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$