Question
Sal, Hank, and Chad have capital balances of $21,000, $42,000, and $88,000. The partners share profit as 1:1:3, respectively. The partnership had net income of
Sal, Hank, and Chad have capital balances of $21,000, $42,000, and $88,000. The partners share profit as 1:1:3, respectively. The partnership had net income of $150,000 for the year. Journalize the closing entry to allocate the net income.
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Information Technology Auditing
Authors: James A. Hall
4th edition
1133949886, 978-1305445154, 1305445155, 978-1133949886
